Monster Worldwide (MWW) Responds to MediaNews Group Statement; Says Committed to Maximizing Shareholder Value
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Monster Worldwide, Inc. (NYSE: MWW) issued the following response to MediaNews Group, Inc.'s ("MNG") letter dated Monday, September 12, 2016:
MNG is not offering Monster stockholders anything for their shares. Instead, MNG, whose ownership in Monster was only established in July and early August of 2016, is asking stockholders to reject an all-cash, premium offer in exchange for the hope that an undisclosed strategy led by their yet-to-be-selected director candidates will deliver significantly greater value sometime in the future.
Monster's Board of Directors and management team are committed to maximizing stockholder value. Monster's transaction with Randstad provides stockholders with immediate and certain cash value of $3.40 per share, representing a 22.7% premium to Monster's closing stock price on August 8, 2016, the last trading day prior to the announcement, and a 29.4% premium over the 90-day average stock price. Our Board unanimously recommends that Monster stockholders accept Randstad's all-cash premium offer, as we believe it maximizes value for Monster stockholders.
As previously announced on August 9, 2016, Monster entered into a definitive agreement with Randstad under which Randstad will acquire Monster for $3.40 per share in cash. On September 6, 2016, Monster filed a Schedule 14D-9 with the Securities and Exchange Commission. The transaction is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals.
Evercore is serving as financial advisor to Monster and Dechert LLP is serving as legal counsel.
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Related EntitiesDefinitive Agreement, 14D9
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