Monster Worldwide Inc. affirmed its support for a $429 million sale to Randstad Holding NV and criticised MediaNews Group Inc.'s opposition to the deal.

Monster said MediaNews has made "flawed and uninformed assumptions" and said the US-based newspaper operator ‘has never discussed, or attempted to discuss, the issues raised in their letter with Monster's management or Board.’

MediaNews disclosed an 11.6% Monster stake on Friday and complained that the offer of $3.40 a share for Monster is "selling at the bottom." It called for Monster to consider all options including an auction, and recommended that Monster cut costs and change strategic direction.

Monster responded by issuing an open letter to stockholders. The letter stated that MediaNews Group’s call for draconian expense cuts ignored that more than $100 million of annual operating expenses have already been cut over the past several years.

In the letter, Tim Yates, CEO of Monster Worldwide said, "We contend that termination of the Randstad offer would be disastrous for MWW shareholders."