Daily NewsView All News
The online recruitment firm Monster Worldwide (MWW.N) is said to have been approached by several potential buyers, including private equity firm Silver Lake Partners, after LinkedIn pulled out, reports Reuters.
This comes after Monster announced in early March that it had retained financial advisers from BofA Merrill Lynch and Stone Key Partners LLC in order to review “strategic alternatives,” which has sparked rumours that the company might consider selling all or part of the Group.
Reuters reported on Friday that LinkedIn had initially shown interest in a potential buyout of Monster but “a source close to the [firm] said the company had decided not to pursue Monster after an assessment [last] week.”
But the news agency did not reveal the source behind these latest developments as the matter is strictly private. Monster has not commented.
It is believed that the online recruitment firm has been troubled by competition emerging from social networking sites, such as LinkedIn, explaining why in 2011 the firm’s profits did not meet analysts’ expectations.
As more and more rivals have emerged from both online recruitment sites and staffing firms, Monster’s market capitalisation has increasingly dropped over the past few years and the firm is now valued at US$1.13 billion – in 2006 this figure was US$7.5 billion.
But as of last trade on Friday, the firm’s share price was up +19.01%, closing at US$9.33, down -44.2% from a year ago but +47.16% above the 52-week low of US$6.34 set on 4 October 2011.