Monster Worldwide (MWW) Responds to MediaNews Group Statement; Says Committed to Maximizing Shareholder Value
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Monster Worldwide (MWW) Issues Response to MediaNews Group; Says Offer Would be 'Far Less' than Randstad's
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- Reynolds American (RAI) option volatility flat into BAT offers to buy out for $56.50 per share
Create E-mail Alert Related CategoriesCorporate News, Hedge Funds, Mergers and Acquisitions
Related EntitiesDefinitive Agreement, 14D9
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!