DOW JONES NEWSWIRES
Monster Worldwide Inc. (MWW) on Monday confirmed it has retained
financial advisers to review its strategic alternatives, raising
the possibility of a potential sale of the company.
Shares jumped 8.6% to $8.17 after hours as the job-search
website said it hired Stone Key Partners LLC and Bank of America
Corp.'s (BAC) Merrill Lynch to advise its review.
The move came after Chief Executive Sal Iannuzzi on Thursday
raised the possibility of such a move at an analyst conference in
Boston, mentioning the company's pursuit of "strategic alternatives
to increasing shareholder value."
Monster Worldwide suffered a slowdown in new business last year,
which it has blamed on U.S. and European economic uncertainty
disrupting businesses' ability to make hiring plans. In January,
the company provided a disappointing first-quarter outlook and said
it planned to cut 7% of its full-time staff and consolidate
facilities.
Analysts have questioned the company's success in competing with
Gannett Co.'s (GCI) CareerBuilder and whether newer services such
as LinkedIn Corp.'s (LNKD) professional-networking site are making
Monster's business less relevant.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com