UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

____________

 

SCHEDULE TO

 

TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

Monster Worldwide, Inc.

(Name of Subject Company)

__________

 

MediaNews Group, Inc.

(Name of Persons Filing Statement)

 

Common Stock, par value $0.001 per share

(Title of Class of Securities)

 

611742107

(CUSIP Number of Class of Securities)

 

Marshall Anstandig

MediaNews Group, Inc.

101 W. Colfax, Suite 1100

Denver, Colorado 80202

(408) 920-5999

 

(Name, address and telephone numbers of person authorized to receive notices

 and communications on behalf of the persons filing statement)

with a copy to:

 

 

Akin Gump Strauss Hauer & Feld LLP
Attn: David D’Urso, Esq. and Jeffrey L. Kochian,
One Bryant Park

New York, New York 10036

(212) 756-2000

 

Transaction Valuation

Amount of Filing Fee

Not Applicable * Not Applicable *

 

* A filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the commencement of a tender offer.

   

 

Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

 

Amount Previously Paid: None

Form or Registration No.: Not Applicable

 

Filing Party: Not Applicable

Date Filed: Not Applicable

 

 

 

 

 

Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

 

Check the appropriate boxes below to designate any transactions to which the statement relates:

 

¨

¨

¨

third-party tender offer subject to Rule 14d-1.

issuer tender offer subject to Rule 13e-4.
going-private transaction subject to Rule 13e-3.
amendment to Schedule 13D under Rule 13d-2.

 

Check the appropriate boxes below to designate any transactions to which the statement relates: ¨

  

This Tender Offer Statement on Schedule TO relates to preliminary communications made before the commencement of a planned tender offer by an affiliate of MediaNews Group, Inc. to purchase up to 8,925,815 shares of common stock, par value $0.001 per share, of Monster Worldwide, Inc., a Delaware corporation for $3.70 per share, net to the seller in cash, without interest and less any required withholding taxes.

 

MediaNews Group Files Definitive Consent Solicitation Materials, Announces Cash Tender Offer and Releases Shareholder Presentation at www.revitalizemonster.com

 

D E N VER, CO-- ( M a r k e t wir e d – Oc to b er 2 1 , 2 0 1 6 ) - M ed i a N e w s G r o u p, I n c. (“ M N G”), t h e la rg e s t sh a rehol d er o f Mo n s t e r W o rl d wi d e, I n c. ( N YSE: M W W) (“ M o n s t er” o r t h e “C o m p a n y ) , w i th an o wne r sh i p i n t e re s t o f 1 1 . 5 % o f M o n st e r s o u t s tan d i n g sh a res, a nn o un c ed it h as relea s ed an o p en l e t t er to Mo n s t e r sh a rehol d ers alo n g with i ts d efi n it i v e c o n sent s o lic i tat i o n m at e r i als fi l ed t o d ay with the Secu r ities a n d Ex c h a ng e C o m m iss i o n (t h e SE C ) a n d a nn o un ced that it (t h r o u g h an aff i liat e ) i n t e nd s t o m a k e a cash t e nd er o f f er f o r u p to 8 , 9 2 5 , 8 1 5 sh a res o f c omm o n st o c k o f Mo n s t er at a p rice o f $ 3 . 7 0 p er sh a re.

 

The o f f er p rice o f $ 3 . 7 0 p er sh a re rep r e sents a 9 . 8 % p r e m i u m t o the c l o si n g p rice o f the M o n st e r c o m m o n s t o c k re p o rted o n t h e N YSE o n Oc t o b er 20 , 2 0 1 6 , t h e l a st f u ll t ra d i n g d a y bef o r e w e a nn o un c ed the t e nd e r o f f er a n d a 33 . 6 % p r e m i u m t o t h e c l o si n g p rice o f the M o n st e r c om mo n s t o ck r ep o r t ed o n the N YSE o n A ugu st 8 , 20 16 , the la s t f u ll tra d i n g d a y b e f o re a n n o un c e m ent o f the Ra nd stad m erger a g re e m ent. The n u m b er o f sh a r e s M N G i n t e nd s to o ffer t o pu rc h ase in the t e nd er o ffer rep r e s en t s a pp r o xi m at e l y 1 0 % o f t h e o u ts t a nd i n g sh a res o f Mo n st e r c omm o n st o ck. The t en d er o ffer will b e o p en to all M o n st e r sh a re h o l d e r s.

 

A f t e r g iving effe c t t o the t en d er o f f er, ass u m i n g the pu rc h ase o f 1 0 0 % o f the Mo n s t e r c om mo n s t o ck s o ugh t in t h e t e nd er o ffe r , M N G is e x p ec t ed to o wn 19 , 2 2 5 , 8 1 5 sh a res o f M on st e r c om mo n s t o c k o r 21 . 5 % o f the C o m p a n y . M N G is n o t a b le to pu rc h ase mo r e than 2 5 % o f t h e o u t s tan d i n g M o n st e r c o m m o n s t oc k wit h o u t c a u si n g a C h a ng e o f C o n t r o l” und er the M o n st e r c r ed i t a g re e m en t . M N G’S o ffer will no t b e su b je c t t o a fi n a n ci n g c o nd iti o n , h o w e v e r , it will b e su b je c t t o c ertain o t h er c o nd it i o n s, i n cl ud i n g t h e t e r m i n at i o n o f b o th t h e Ra nd stad t e nd er o ffer a n d m erger a g re e m e n t .

 

Once t h e t en d er o ffer is c o mm enced, o fferi n g m a t e ri a ls will b e m ai l ed to M on st e r sh a r e h o l d ers a n d fi l ed with the SE C . Mo n st e r sh a r eh o l d e r s s h o u ld read the o f f e ri n g m a t e ri a ls when they b e c om e a v ai l a b le, b e ca u se th e y w i ll c o n tain i m p o rta n t i n f o r m at i o n . The t en d er o f f er will b e h eld o p en f o r a t least 2 0 bu si n ess d ays f o ll o wing its c om m enc e m ent, a n d t e nd ers o f sh a res m u st b e m a d e p rior to t h e e x p ir a t i o n o f t h e t e nd er o f f er p er i o d.

 

A dd iti o n al l y , M N G h as re le ased an e x t ensi v e sh a re h o l d er p res e n t a ti o n o u tli n i n g 1 ) its s trat e g i c p lan to re v ital iz e M o n s t er a n d 2 ) i ts d irec t o r ca nd i d ates’ su b stantial qu al i ficat i o n s t o r e p lace the cu r rent B o ard o f D ir e c t o rs. The p re s en t ati o n a n d o ther i n f o r m at i o n related t o M N G’s c a mp ai g n can b e f o un d at w w w. r e v i tali z e m o n s t er. c o m .

 

2  

 

M N G’s n om i n e e s f o r the M o n st e r B o ard o f D i r ec t o rs a re:

 

· D a n iel D i enst, e x p er i enc e d direct o r, C h ai r m an a n d /o r C h i ef E x ecuti v e Offi c e r o f f o u r pub lic c o m p a n ies, i n cl ud i n g mo st rec e n tl y , C h ief E x ecut i v e o f M art h a St e wart L i v i n g O m n i m ed i a, I n c .; h as e x t e n s i v e b a c kgr o un d i n special situ a t i o n s, tur n a r o und s a n d m ed i a bu si n es s es, with a t r ack rec o rd o f creating si gn i fica n t v al u e f o r share h o l d ers;
· J o seph A n t o , Se n i o r V i ce P resi d ent o f Str a t e gy/ M &A f o r M N G a n d f o r m er C E O o f J o b s in the U S , a su b si d ia r y o f M N G w i th r egi o n al l y f o cu s ed j o b b o a r d sites in N ew En g la n d
· Et h an Blo o m f i el d , j o b b o a rd e x ecut i v e a n d entrepr e n eur w i th si gn if i ca n t e x p e rie n ce g r o wing a n d m a n a g i n g hi gh - p erf o r m i n g sales t e a m s ;
· H ea t h F r e e m a n , P resi d e n t o f A ld en Gl o b al Ca p ital LL C , a d e e p v al u e / cata l y st d r i v en i n v e s t m ent fi r m , and Vi c e C h ai r m an o f M N G
· K ev in Greg s o n , e x p er i enc e d c o r p o ra t e g ov e r n a n ce e x ecut i v e a n d A m ericas L ea d er f o r I n su r a n c e I ndu stry at T o w e rs W illis W ats o n ;
· L o w e ll R o b i n s o n , f o r m er C FO o f s e v eral p r o m i n ent m ed i a a n d t e ch n o l o g y c o m p a n ies i n cl ud i n g A d v o and H o t J o b s and e xperie n ced p ub lic b o ard d ire c t o r; and
· H o n . Greg o r y S l ay t o n , f o r m er U. S . C h ief o f M iss i o n (de fac t o A m b assa d o r) to Be r m ud a, successful t e ch n o l o g y e x e c u ti v e / i n v e s t o r, was an ear l y i n v es t o r a n d p re v i o u sly o n the a d v i s o ry b o ar d s o f G oo g l e a n d Sale s f o rce. c o m .

 

The f u ll t e x t o f M N G’s le t te r is i n cl ud ed be l o w :

 

D ear F ell o w S h are h o l d er:

 

M ed i a N e ws G r o u p, I n c. ( M N G”), cu r rent l y h as an o wners h ip i n t e r est o f a pp r o x i m at e l y 11 . 5 % o f the o u ts t a nd i n g sh a r e s o f M o n st e r W o rl d wide, I n c. ( M o n st e r” o r the “ C om p a n y ”), m aki n g u s t h e C o m p a n y s la rg est sh a re h o l d er. We h a v e no m i n at e d se v en h i gh ly qu al i fied ca nd i d at e s to rep l a c e t h e cu r rent B o ard o f D ir e cto r s at Mo n s t e r, as th i s B o ard h as p r ov en t i m e a n d a g ain its i n a b ility to m ake t h e ri gh t strat e g ic a n d o p er a ti o n al d ecis i o n s t o m ax i m i z e sh a reholder v alue at t h e C o m p a n y . The cu r re n t d eal with Ra nd stad a t $ 3 . 4 0 p er sh a re a n d the p r o ce ss” that resu l t ed in th i s o f f er is j u st o n e e xa m p l e in a l o n g li n e o f po o r d ecis i o n - m aki n g b y the cu r re n t B o a r d . In a dd iti o n t o e n t e ri n g into t h e Ra nd s tad d eal, th i s B o ard o v er s aw a d ec l i n e in re v en u e o f o v er 2 4 % si n ce 2 0 1 2 a n d a pp r o v ed a st o c k rep u rc h a s e p r o g ram that h ad the C o m p a n y bu y i n g b ack st o c k in D ec e m b er o f 2 0 1 5 at an a v era g e p rice o f $ 5 . 9 9 , o n ly t o a d v ise sh a r eh o lders t o ac c ept $3 . 4 0 p er sh a re fr o m R a nd stad m on ths later. O u r d i r ec t o r ca nd i d at e s are si gn if i ca n tly m o r e qu al i fied and mo re e xperie n ced t h an t h e e x i sti n g B o ard a n d o n e o f o u r ca nd i d at e s, D a n iel D ie n st, is p rep a red t o s er v e as in t erim CEO s o that t h e turnar o un d at Mo n s t e r can b egin i m m ed i a t ely a f t e r o u r d i rec t o rs a r e s ea t ed.

 

Wh y Ar e We H e r e ? A B e t t e r Path F o r w a r d F o r A l l M on ster Sha r eho l de r s

 

MNG initially established a position in Monster in July of 2016 because we believed the stock was tremendously undervalued relative to its long-term prospects. We continue to strongly believe this is the case and that the deal with Randstad at $3.40 per share significantly undervalues the Company. Our nominees are dedicated to executing a plan to maximize shareholder value for all investors and while MNG would make a profit if the Randstad deal closes, we believe there is SIGNIFICANTLY more upside for everyone if the Company is managed properly over the long-term.

 

M N G h as a si gn if i ca n t a n d d e e p und ers t a nd i n g o f the p ressu r es faci n g M o n st e r a n d the ch ang es g o i n g o n in the recrui t m ent ad ve rtisi n g in du str y . This, in p a rt, is b a s ed o n the f o ll o wi n g :

 

· M N G has b e en a pa r tner o f M o n st e r s f o r m a n y y ears
· We o wn and o p er a te a j o b b o ard bu si n ess o f o u r o wn

3  

 

 

· We h a v e e v al u a t e d m u lti p l e o ther j o b bo ard bu si n es s es as p o t e n tial ac qu isit i o n s

· We o p erate o v er 2 4 0 n e wspa p er p r o p e r ties in an i ndu stry that h as g o n e t h r o ug h its o w n d ra m atic shi f t in r ec e n t hi s t o ry

 

We a r e c o n fi d ent that wi t h the ri gh t tale n t a n d p l a n , M o n st e r can r ed u ce its re v en u e d ecli n es a n d i n crease p r o fita b ilit y , desp i te t h e num e r o u s h eadwi n d s faci n g t h e C o m p a n y . W e b elie v e the m ain issues faci n g Mo n s t er are its la c k o f c o m p e t e n t m a n a g e m ent, its po o r strat e g y to a dd ress the sh i ft in the bu si n ess, a n d its c om p l e t e l y i n a d eq u ate o v ersi gh t b y a B o ard that d o esn t h a v e the e x p erie n ce, skil l s o r d esire t o turn t h e bu si n e s s ar o und .

 

Our cu r rent p lan f o r ch ang e f o cus e s o n three k ey ar e as – 1 ) retur n i n g to g r o w t h , 2 ) o p t i m i z i n g the c o s t structu r e a n d 3 ) mo n e ti z i ng / res t r u c tur in g n on - c o re a sse t s – a n d w o u ld specif i c a lly i nv o l v e t h e f o ll o wing i n itiativ e s :

 

· Red u ce e x p ens e s by $ 1 0 0 - $ 1 5 0 m ill i o n t h r o ug h i m p l e m ent a ti o n o f o p er a ti o n al b est pra c tic e s

· Mo n e ti z e n o n- c o r e / und e r p erf o r m i n g asse t s th a t a r e n o t b ei n g v al u ed at all in cu r rent st o c k p rice

· Red u ce c a p ital e xpen d it u r e s t o be m o re in-li n e with c o m p e t i t o rs and o ther d i g ital c o m p a n ies

· S i m p lify t h e p r o du c t o ffer i n g and increase s ales p r o d u cti v i t y

· Focus m a r k e ti n g ef f o rts o n B2B cust o m er ac qu isit i o n a n d ca nd i d ate ac qu isiti o n , with a f o cus o n ROI, and e x e cu t e a r ebr and i n g ca m p ai g n t o a t tract m il l en n ia l s

 

Our stra t egy f o r M o n s t er i s w e ll th o ugh t o u t a n d the resu l t o f an e xha u sti v e s t ud y o f t h e bu si n ess a n d i ndu str y , c om b i n ed with ou r B o ar d ’s re l e v a n t e x p er i ence e x e cuti n g t h ese t y p e s o f i n itiat i v e s , b o th a t M N G a n d a h o st o f o ther bu si n ess e s. M N G h as e x p erience, b o th at o u r n e w s p a p ers a n d o u r j o b b o a r d bu si n ess, m a ki n g si gn if i ca n t e x p en s e red u ct i o n s whi l e m i n i m i z i n g i m p acts to r e v en u e , a n d o u r s tra t egy is g reatly i n f o r m ed b y t h ese e xperie n c es. At M N G, we h a v e red u ced t o tal o p e r ati n g e x p ens e s si gn if i ca n tly o v er t h e last few y ears a n d o u r r e v en u e p er f o r m a n ce h as b e e n as go o d o r b e t t e r than si m ilar la r g e n e wspa p er c o m p a n ies in the i ndu stry ov er that s a m e t i m e p eri o d . A dd iti o n al l y , a t o u r J o b s in the US bu si n ess, w e v e b e e n a b le t o si gn if i ca n t l y r e du ce e x p en s e whi l e actua l l y g rowing re v en u e o v er the last f e w y ears.

 

With the ri gh t e x ecut i o n a n d strat e g y , f o cused ar o un d the k e y i n itiati v es list e d a b o v e , we b el ie v e Mo n s t e r has t h e a b ility to d eli v er l o n g - o v erd u e v al u e to share h o l d ers a n d c an a c h ie v e a st o ck p ri c e o f $ 6 - $ 8 per sha r e o v er the ne x t 1 8 mo n th s .

 

Re c en t R e st r u c t u r i n g Acti o n s a t t h e C o mp a n y H a v e N o t G on e N ea r l y F a r E nou g h

 

Mo n s t e r cla i m s that th e y h a v e al r eady ta k en” a c ti on s to a dd ress ch a l l en g es b y cutti n g e x p ens e s o v e r $ 1 0 0 m ill i o n du ri n g the pa s t s e v eral y ea r s, cu t ti n g ca p i tal e xpen d it u r es b y 5 0 % a n d div e sting n o n-c o r e o r und erperf o r m i n g ass e ts.

 

To b e c l ea r , the C o m p a n y h as n o t g o n e n ear l y far e n o ug h in t er m s o f w h at i t c o u ld o r s h o u ld d o t o r e i n in e xpense s , r e du c e ca p ital spen d i n g and div e s t , r e s t r u cture o r s h u td o wn u nd er - p erf o r m i n g ass e ts.

 

With regar d s t o o p erating e xpense s , Mo n s t e r still h as cl o se t o 3 , 7 0 0 e m p l oy e es, with o v er 1 , 0 0 0 in sale s i a n d ov e r 6 1 o ff i ces in 2 3 c o un trie s ii . We s i m p ly d o n o t a c cept the no ti o n th a t the C o m p a n y h as d o n e e v e r y th in g it can t o r ed u ce o p erating e x p ense.

 

4  

 

 

Mo n s t e r spe nd s m o re o n ca p ital e x p en d it u r es as a p erc e n ta g e o f i t s r e v en u e t h an its c o m p e t i t o rs a n d th i s m a n a g e m ent t e a m / B o ard h as a t erri b le t r a ck r e c o rd w h en it c o m es t o g en e rati n g a return o n ca p i tal i n v es t ed – r e t u rn o n ca p it a l h as ra ng ed a nnu al l y f r o m 0 .4% t o 4 . 4 % si n ce 2 0 1 3 iii . We a r e c o n fi d ent that si gn if i ca n t i m p r o v e m ents c an b e m a d e t o t h e p r o du c t e v en with a red u ced ca p i t al e x p en d it u r e s budg et a n d w h at is clear is t h at t h e m o n e y bei n g s p ent n o w i s g enerati n g m i n i m al r e t u r n s f o r sh a r eh o l d e r s .

The C o m p a n y al s o c o n te nd s that all n on -c o re o r und erperfo r m i n g asse t s h a v e b e e n d i v es t ed. It’s d isi ng en u o u s f o r the C o m p a n y to s ay it h as d o n e e v e r y th in g it can h ere when t h e i n t e r n at i o n al bu si n ess alo n e h as b e e n unp r o fita b le f o r t h e last 3 y ears. Clea r ly there is m o re to d o t o e i ther res t r u ctu r e, sell o r sh u td o wn p ie c es o f the i n t ern a ti o n al bu si n es s . Mo r e o v er, o u r sus p ic i o n is that there are o ther p ar t s o f Mo n s t e r’s bu si n e ss, w h en a n alyzed with the n e c ess a ry l e v el o f scr u ti n y , th a t w o u ld fa l l i n to the s a m e cat e g o ry.

 

M N G i s N O T T r yi n g to T a ke C on t r o l o f M o n st e r

 

Mo n s t e r clai m s we are t r y i n g t o t a ke c o n tr o l o f t h e C o m p a n y w i th o u t p ay i n g a c o n tr o l p r e m i u m . C o m p ar in g a c a m p ai g n t o r e m o v e a n d r ep l ace the B o ard o f an und e r p erf o r m i n g c o m p a n y with an o f f er to a cq u ire t h e w h o le bu si n ess is akin t o c o m p ar in g a pp les a n d o ra n g es. W e a r e o ff e ri n g sh a re h o l d ers a credi b le a n d p re f era b le a lternati v e t o the sub - o p t i m al Ra nd s tad d ea l . A dd iti o n al l y , si n ce we a r e sh a rehol d ers in the C o m p a n y a n d i n t e n d to c o n ti nu e b ei n g sh a rehol d e r s o n ce ou r no m i n e e s are el e ct e d to the B o ar d , we a r e c o m p let e ly al ign ed with all sh a r eh o l d ers in o u r d esire to m axi m i z e the v al u e o f t h e C o m p a n y .

 

M N G h as a l o ng -t e r m v i e w o n its M o n s t er i nv es tm ent a n d s tr o n g c o n v ict i o n ar o un d the w ell t h o ugh t o u t p lan w e v e pu t t o g e t h er a n d t h e e x p erien c ed slate w e’ v e a ss e m b le d . W e are c o n fi d ent the o pp o rtu n i t y e xists to cre at e si gn if i ca n tly m o re sh a re h o l d er v al u e if the ri gh t B o a rd a n d lea d ersh i p t e a m is p u t in pl a ce a n d t h e b u s i n ess is o p era t ed p r o p erly.

 

C o lle c ti v el y , o u r B o ard h as e x p erie n ce w o rki n g o n 2 7 tur n a r o un d situ a t i o n s a n d se v en t e e n y ears o f e x p erien c e w o r ki n g within the r ecrui t m ent a dv ertis i n g i ndu str y . T h e str a t e g y we are p r o po si n g f o r Mo n s t e r is ab s o l u te l y r e a l i s t i c a n d o u r B o ard h as the e x p erie n ce a n d kn o w - h o w t o e x ecute i t effe c t i v e l y .

 

Q ue st i onab l e S t r a te g i c a n d O pe r a t i ona l De c i s i on s b y t h e I n c u mb en t B oa r d

 

The C o m p a n y s fi n a n cial p erf o r m a n ce und er t h e cu r r ent B o ard h as b e en t e rr ib l e , with r e v en u e d e cli n i n g b y o v er 2 4 % si n ce 2 0 1 2 a n d st o c k p er f o r m a n ce suffe r i n g as a resu l t.

 

As o f O c t o b e r 17 , 201 6

 

C u m u l a ti ve T o t a l S h a r e ho l d e r R et u r n  
  1 YR 2 YR 3 YR 4 YR 5 YR
M o n s t e r ( 7% ) ( 47% ) ( 52% ) ( 10% ) ( 59% )
201 6 P r o x y P ee r G r o up A v e r a ge 23% 89% 56% 83% 70%
S &P 50 0 I n d e x 24% 51% 68% 84% 97%

S o ur ce: S & P Ca p it a l IQ iv

 

The i n cum b e n t B o ard h as a l o n g h is t o ry o f p oo r d eci s i o n - m aki n g that h as n egati v ely i m p ac te d sh a rehol d er v al u e. This is t h e B o ard tha t :

 

· Br o ugh t T i m Ya t es in as C EO in N o v e m b er 20 1 4 a n d also r e -a pp o i n t ed h i m C F O in Fe b r u ary o f 2 0 1 6 d espite his po o r p r e v i o u s t r a ck r eco r d o f cre a ti n g v al u e f o r sha r eh o l d e r s at Mo n s t e r

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· Gra n t e d Tim Yat e s a g o l d e n p arac hu te o f o v er $4 .9 m illi o n v , d espite lit t l e skin in the g a m e a n d e v en t h o ug h the s t o ck is d o wn 9 2% v i si n ce h e j o i n ed the C o m p a n y as an e x ec u ti v e in Jun e o f 2 0 0 7

 

· Focused o n h a v i n g d isc u ss i o n s to s ell M o n st e r when it was tra d i n g at o r a r o un d al l -ti m e l o w s , i n st e ad o f d e v isi n g and e xe cuti n g a p lan t o fix the b u s i n ess

 

· A u th o ri z ed a s t o c k bu y b a c k at o v er $6 . 0 0 p er sh a re i n Q4 o f 2 0 15 , o n l y t o s ell t h e bu si n ess f o r $3 . 4 0 m o n ths la t er

 

· Wast e d $ 1 2 .5 m ill i o n to a cq u ire J o b r, a st a rt- u p mob ile a p p with lit t le r e v en u e o r s p eciali z ed t e ch n o l o g y – M N G p r i ced o u t wh a t it w o u ld c o st to d e v e l o p v i r tua l ly t h e s a m e a p p as J o b r a n d b elie v e s it w o u ld c o st l e ss th an $ 2 5 0 k t o d e v e l op , o r 2 % o f t h e p r i ce p aid to ac qu ire it
o S p en d i n g $12 . 5 m i lli o n in c ash at th i s t i m e f o r an a p p that h as v i r tua l ly n o r e v en u e a n d lit t le in t h e w a y o f t e ch n o l o g y d if f e r entiat i o n m a k es n o sen s e a n d is a n o ther e x a m p le o f p oo r ca p ital al l o cat i o n

· Asserted they h a v e al r e a d y ta k en” act i o n s t o a dd r ess ch a l l en g es b y cutti n g e x p enses o v e r $ 1 0 0 M o v er the p ast s e v eral y ears; the r eality is t h at the C o m p a n y h as n o t g o n e n ear l y f a r en o ug h in t e r m s o f what i t c o u ld do t o r ei n in e x p ens e s & r ed u ce ca p i t al e x p en d i t u r es; k ey rat i o s i nd icate M o n s t er is s e v ere l y u nd erper f o r m i n g p e e rs a n d has a bloa t ed c o st s t r u c ture

 

· Cla i m ed they h a v e d i v e s t e d all o f the n o n - c o re a n d und erperf o r m i n g bu si n es s es; t h e reali t y is that t h e r e are still s e v e r al und erperf o r m i n g bu si n ess un its t h a t should b e e v al u a t ed f o r d iv e stitu r e, re s tructu r i ng , o r sh u td o wn if th e re i s n o v ia b le p ath t o ac h ie v e a cc e p tab l e p r o fita b ility

 

· Ena b led a lack o f pro du ct s trat e g y t o ad d ress shi f ti n g m ar k et & r e v en u e decli n es

 

· D e mo n s trat e d a pp are n t t o ler a n ce f o r c o r p o r a te l e t h ar g y a n d e r o si o n o f l e a d e r sh i p p o siti o n in m ar k et

 

· H as c o n sistent l y tal k ed d o wn the bu si n ess a n d its p r o spe c ts in an atte m p t t o ram thro ug h t h e Ra nd stad dea l vi i

 

Giv e n th i s h is t o ry o f po o r d ecisi o n m aki ng , why s h o u l d sh a rehol d ers no w b eli e v e the B oa rd w h en it says that t h e Ran d stad d e al is t h e b est o p t i o n t o del i v er v a l u e?

 

Fl a w ed , Rus he d Sa l e P r o c e ss Rai s e s Q ue s t i on s a b ou t I n c u mb en t B oa r d ’s M o tiv a ti on s

 

An o u tri gh t sale o f the C o m p a n y was no t – a n d is n o t – the o n ly o p t i o n . The i n cum b ent B o ard t o o k the easy way o u t v ia a fi r e -s a le” si n c e t h ey h a v e lit t le s kin in the g a m e, as t h e i n cum b ent n o n- e m p l o y e e d irect o r s c o ll e ct i v ely o wn a m eas l y 0 . 3 % o f the s t o c k viii . It is clear to u s that the Ra nd stad d eal was enter e d i n t o b y the B o ard o u t o f d es p erat i o n to a v o id respo n si b ility f o r y e t a n o ther qu ar t erly m iss b y the C om p a n y .

 

The C o m p a n y d id n o t n e g o tia t e a g o -s h o p p r ov is i o n with Ra nd stad, e v en t h oug h they d id n o t r u n a f o r m al a u ct i o n p r o c e s s . Wh i le o ther p o t ential b u y ers a r e a b le t o t ech n ically su b m it bi d s, p ra c tical l y speaki ng , t h e r u shed nat u r e o f t h e p r o c ess w o u ld m a ke it h ard f o r a n y p ub lic c o m p a n y , pr i v ate c o m p a n y with a s o ph istica t ed B o a r d , o r tra d iti o n al p ri v a t e e qu ity fi r m to p artici p a t e . T h ese t y p es o f p o t ential bu y ers a r e u sed to m o re f o r m al p r o ce s s es with stru c tured b i dd i n g r o und s, re as o n a b le d ead l i n es a n d a le v el p l a y i n g field f o r all p artici p a n ts. We h a v e tal k ed to m u lti p l e c o m p a n ies who h a v e s tated th a t t h e y w o u ld h a v e p art i ci p at e d in a f o r m al p r o ce s s had t h e C om p a n y run o n e.

 

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Mo r e o v e r , n o w that t h e d eal with Ra nd stad h as b e e n e x ecu t ed, p o t enti a l l y g o i n g h o s til e ” a n d su b m itting a c o m p e t i n g b id with n o acc e ss t o d ili g ence is n o t s o m e th in g mo s t pub lic c om p a n ies, la r g e p rivate c o m p a n ies o r tra d iti o n al p riva t e eq u ity f und s are c o m f o r tab l e w i th, thereby s e v e r ely l i m iti n g p o t e n tial bid ac t i v ity p o s t t h e e x ecut i o n o f t h e m erger ag r e e m en t .

 

As id e fr o m t h e r u she d , fl a w e d nat u re o f t h e p r o ces s t h e C o m p a n y ran, w e ta k e iss u e with the fact th a t the C o m p a n y was e xp l o r i n g a sale with o u t e v al u a ti n g all o ther al t ern a t i v es f o r re s tructu r i n g the bu si n ess. As w e v e sta t ed b ef o re, we d o n t b eli e v e n o w is the ri g h t t i m e t o sell the C o m p a n y , e specia l l y with o u t an e xha u st i v e e v a l u ati o n o f o t h er o p t i o n s t o i m p r o v e the bu si n ess, a n d t h ere is n o ev i d en c e t h e C o m p a n y w e n t thro ug h t h i s ty p e o f e v al u at i o n .

 

P o t e n tial s h o r t - t erm p ri c e m o v e m ents S HO U L D N OT b e a m o t i v ati n g f a ct o r f o r a B o ard a n d m a n a g e m ent t e a m and it’s clear t h at th i s, at least in p art, w as dr i v i n g t h e C o m p a n y ’s mo t i v at i o n t o get a d eal d o n e so qu ickly w ith R a nd stad.

 

B oa r d H a s E nab l e d T i m Y a t e s to Pot en t i a l l y M a ke O ve r $ 4 . 9 M i l l i o n i f Ra n d st a d De a l C l o s e s

 

Mo n s t e r CEO T i m Ya t es a u t o m atical l y gets p aid o v er $ 1 .7 m ill i o n i x if the Ra nd stad d eal cl o ses - e v en if he k e eps h is j o b - b ecau s e t h e B o ard f o o lish l y a warded eq u ity a w ar d s with si ng l e - t ri gg er ch ang e in c o n t r o l p r ov is i o n s t o e x ecut i v es p r i o r t o M arch o f 2 0 1 6 a n d all o w ed h im t o n e g o tia t e t h e d ea l . M r. Y a t e s s t a n d s to m a k e o v er $4 . 9 m illi o n x if the Ra nd s tad d eal is su c ce s sf u l a n d h e is t er m i n a t ed with o u t ca u s e o r t e r m i n a t e s f o r go o d r e a s o n .

 

M r. Ya t es o wns less than 1 % xi o f the Compa n y a n d h as v e r y l i t t l e skin in t h e g a m e .” G i v en the f a ct th a t the C o m p a n y ’s s t o ck h as d ecli n ed b y o v er 9 2 % si n ce h e fi r st b ec a m e i nv o l v ed i n the bu si n ess in 2 0 07 , a n d ov er 5 5 % the la s t 1 2 m o n ths x ii , it se e m s w h o lly un f air to sh a re h o l d ers th a t h e stan d s to m a k e such a fi n a n cial w i nd fa l l f o r s elli n g at t h e b o t t o m .

 

D espi t e M r. Y a t es o b v i o u s c o n fl i c ts r e su l ti n g fr o m h is g o l d en p ar a ch u t e s a n d lack o f su b stanti a l o wne r sh i p o f the C o m p a n y , Mo n s t er’s B o ard s till al l o w ed M r. Ya t es t o r u n t h e C o m p a n y s h a ph a z ard sales p r o c e ss” a n d c o m p l e t e ly r elied o n h i m f o r ne g o t iati o n s and u pd a t e s .

 

A SIGNFICANT Upgrade to the Board - Introduction to MNG’s Nominees

 

Our no m i n e e s h a v e a v e ry re l e v a n t a n d d i v er s e s et o f s kills ac r o ss are a s such as fi n a n c e , sa l es m a n a g e m ent, c o r p o rate g ov ern an c e, res t r u c tur i ng , t e ch n o l o g y , recru i t m ent a dv ertisi ng , a n d o p erat i o n s. C o ll e cti v el y , t h ey h a v e :

 

· S ign if i ca n t pub lic b o ard ex p erienc e : s e r v ed o n 1 6 p ub lic b o ar d s
· D e e p in du st r y kn o w l ed g e: C o lle c ti v el y , 1 7 y ears w o r k i n g di r ec t ly in t h e r ecrui t m e n t i ndu stry
· H i gh ly e x p er i enced l e a d er s h i p : held C -l e v el r o les at 2 3 c o m p a n ies
· P r o v en tur n ar o und / r es t r u c tur in g e xperie n c e: in v o l v ed in 2 7 tur n ar o und s

 

Our highly qualified candidates include:

 

Daniel Dienst

 

Mr. Dienst served as a director and the Chief Executive Officer of Martha Stewart Living Omnimedia Inc., a media and merchandising company, from 2013-2015, where he led the turnaround of the famous brand and orchestrated its successful sale in 2015 to Sequential Brands, Inc. for $353 million. Prior to his service at Martha Stewart Living, Mr. Dienst had a distinguished career in the steel and metals industry, having served

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as the Group Chief Executive Officer of Sims Metal Management, Ltd. from 2008-2013, the world’s largest publicly listed metal and electronics recycler, processing and trading in excess of 15 million tons of metal annually from 270 facilities on five continents. He had previously sold Metal Management, Inc., a company that he founded and served in the capacity of Chief Executive Officer from 2004-2008, to Sims for $1.7 billion in 2008. Mr. Dienst also served as Chairman of the Board and Acting Chief Executive Officer of Metals USA, Inc., one of the nation’s largest steel processors, after its reorganization and until its going private sale to an affiliate of Apollo Management, L.P. in 2004. Mr. Dienst is also experienced in the financial markets, having served as a Managing Director of Corporate and Leveraged Finance at CIBC World Markets Corp., a diversified global financial services firm, from 2000-2004. From 1998-2000, he held various positions within CIBC, including Executive Director of the High Yield and Financial Restructuring Group. Previous to his time at CIBC, he served in various capacities with Jefferies & Company, Inc., a global investment banking firm. Mr. Dienst also recently served from 2014-2015 as a Director of 1st Dibs, Inc., a venture-backed e-commerce business owned by Benchmark Capital, Spark Capital, Index Ventures and Insight Venture Partners. Mr. Dienst holds a B.A. from Washington University in St. Louis. and a J.D. from Brooklyn Law School.

 

M r. D i enst’s qu al i ficat i o n s as a d irec t o r i n cl ud e h is e x ecut i v e e x p er i ence a s a CEO a n d d ire c t o r o f 4 pub lic c o m p a n ies, h is e xpertise in tur n a r o und s, sp e cial situ a t i o n s a n d c o r p o r ate t ra n sact i o n s a n d h i s e x p erien c e in t h e m ed i a se ct o r.

 

Jo s ep h A n to

 

M r. A n t o is cu r rent l y a S e n i o r V i c e P resi d e n t at M e d ia N e w s Gr o up , I n c. (d/ b / a D i g ital F i r s t M ed i a), t h e se co n d la rg e s t n e w sp a p er c o m p a n y in the U. S . b y c irc u lati o n , w h ere h e h as s er v ed si n c e 2 0 1 3 . F ro m 2 0 14 - 2 0 15 , h e was V i ce P r eside n t o f B u si n ess D e v e l op m ent f o r M ed i a N e w s Gr o u p a n d also CEO at J o b s in the U S , a su b si d ia r y o f M ed i a N e ws w i th reg i o n al l y f o cused j o b bo ard sit e s in N ew En g la nd . F ro m 2 0 13 - 2 0 1 4 h e was M a n a g i n g D irec t o r at D i g ital F i rst Ve n ture s , the stra t egic i n v e s ti n g d ivisi o n o f M ed i a N e ws Gr o up . In 2 00 9 h e co- f o und ed RumbaT i m e, L L C, a fas h i o n b ra n d f o cused o n ti m ep i e c es a n d acc e s s o ries a n d s e r v ed as th e C o m p a n y s C E O un til 2 0 12 . F r o m 2 00 6 - 2 0 0 9 M r. A n to w a s a Se n i o r A n aly s t a n d D irec t o r o f I n v e s t m e n ts at H ar b i ng er Ca p ital P a r tners, a m u lt i -s t rate g y i nv es t m ent fi r m , whe r e h e m a n a g ed o n e o f the la r g est m ercha n t p o w er i n v e st m ent p o r tf o l i o s in the se c t o r, ac c o un ti n g f o r a pp r o xi m at e l y 3 0 % o f the F u nd’ s asse t s a n d c o m p l et ed M &A a n d d ebt fi n a n ci n g tra n sact i o n s t o tali n g o v er $ 4 bi l l i o n in v al u e. P r i o r to his t i m e at H ar b i ng er, M r. A n to w as an as s o cia t e at A B S Ca p ital P art n er s , a late r - s tage v entu r e ca p i t al fi r m , a n d an a n a l y st a t F i rst U n i o n Secu r it i es in their t e chn o l o g y i nv es t m e n t b a n ki n g g r o up . H e is cu r r e n tly o n the b oard a t C I P S M ark e ti n g G r o up , I n c. a n d h e h as p r e v i o u s l y s er v ed o n the b o ar d s o f K el s o n Ener g y I n c., K e l s o n Ca n a d a a n d Rumbati me . H e h as a BBA fr o m E m o r y U n iv e rsi t y and an M BA f r o m C o l u m b ia Un iv ersit y .

M r. A n t o s qu al i ficat i o n s as a d ire c t o r i n cl ud e h is e x p e rtise a s a p re v i o u s CEO o f a j o b b o ard bu si n e ss, h is e x ecut i v e e xperie n c e, p art i cu l ar l y in the m ed i a i ndu str y , a n d h is e x p ertise in tur n ar o und s a n d c o r p o ra t e tra n sact i o n s.

 

Eth a n Bl oo m f i e l d

 

Mr. Bloomfield is currently the CEO of vitalfew, inc, a consulting and advisory business which he founded in 2015. He also serves on the Board of governors for TaTech, a leading industry association which enables the interaction of companies in the recruitment technology space. He has been a member since 2006 and on the board of governors since the first board was elected by the membership. In 2016, he co-founded and is also the current CRO of ConversationDriver, a company that utilizes software to help organizations improve efficiencies in sales outreach. From 2012-2015,

 

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he served as the Senior Vice President of Sales and Business Development at recruitment technology company, ZipRecruiter, which he joined in 2012 as the 20th employee and the first in sales. In his role at ZipRecruiter he developed the entire sales organization, which he grew from concept to over 120 reps when he left the company. Previously he was Vice President of Business Development at JobTarget, a company that provides technology to organizations that want to offer their own web-based job boards to their members. While at JobTarget, he was instrumental in launching innovative new products and also led the acquisition of two companies. Mr. Bloomfield holds a B.A. from the University of Massachusetts, Amherst.

 

M r. Bl o o m fiel d’ s qu al i ficat i o n s as a d i r ec to r i n cl ud e h i s e x p e r tise in r e cr u i t m ent t ech n o l o g ies, d e v e l o p ed o v er a care e r sp ann i n g m o re than t w e l v e y ears in the sp a ce. H e is widely r e c o g n i z ed as a th o ugh t lea d er in the s e c t o r a nd , in a dd it i o n t o a d v i si n g o r h a v i n g a d v ised a l m o st th i rty c om p a n ies in the i ndu str y , h e i s a freq u ent s p eak e r at in du s try c o n fe r ences and e v ent s .

 

H ea th Fr ee man

 

M r. F r e e m an is the P resi d ent, a Fo und i n g M e m b er, a n d D irector o f A ld en Gl o b al Ca p ital, LL C, a N ew Y o rk- b a s ed i n v e s t m ent fi r m f o cused o n d e e p v al u e, cata l y s t d ri v en i n v e s ti ng . H e h as b e e n with the fi r m si n ce its f o und i n g in 2007 , a n d h as b e e n its P resi d ent si n ce 2 0 14 . M r. F r e e m an cu r rently se r v es as V i ce C h ai r m an o f M ed i a N e ws G r o up , I n c. ( d / b / a D i g i tal F i r st M ed i a), the se c o n d la r g est n e w sp ap er bu si n ess in the U n i t e d S t at e s b y ci r cu l ati o n with o v er $ 1 b illi o n o f a nnu al r e v en u e, o wn i n g n e w sp ap ers such a s The D en v er P o st, S a n Jo se M ercu r y N e ws a n d O ra ng e C o un t y Regis t er. H e al s o s er v es o n the c o m p ensat i o n c o m m i t t e e a n d lea d s the stra t egic r e v iew c om m it t ee f o r M N G a n d h as ser v ed o n i t s b o ard si n ce 2 0 11 . M r. F r e e m an is a c o -f o und er a n d s er v e s o n the b o ard o f SLT Gr o up , I n c. (d/ b / a S L T) a p rivate fit n e ss bu si n ess b ased o u t o f N e w Y o rk a n d start e d in 2 0 11 , which rec e n t l y t o o k in a la rg e g r o w t h in v e s t m ent f r o m N o rth Ca s tle P art n ers, a p ri v ate eq u i t y fi r m f o cused o n the h ealth a n d w e ll n e ss sp a ce. M r. F r e e m an also c o-f o und ed Ci t y o f S a i n ts C o ffee R o as t ers in 2 0 1 3 , a th i rd wa v e c o f f ee r o as t e r , wh o le s aler a n d r e t ai l er b a sed o u t o f Br o o k l y n , N Y. P r i o r t o A ld en, f r o m 2 00 6 - 20 07 , M r. F r ee m an w o r k ed as an I n v es t m e n t A n alyst at N ew Y o rk- b a se d Smith M a n a g e m ent, a p rivate i nv es t m e n t fi r m . P rior t o th a t, f r o m 2 0 0 3 - 2 0 06 , M r. F r e e m an was a n i n v es tm ent b a n ki n g a n a l y st a t P e t er J . S o l o m o n C o m p a n y , a b o u ti qu e in v es t m ent b a n k, w o rki n g o n m erg e rs a n d ac qu isit i on s, res t r u c tur ing s a n d refi n a n ci n g assi gnm ents. He h as p r e v i o u sly se r v ed o n the b o ar d s at The P h ila d el ph ia M ed i a N e t wo r k a n d The J o u r n al Regis t er C om p a n y , a m o n g o thers. C u rre n tl y , M r. F r ee m an al s o ser v es a s C h ai r m an o f the A d v i s o r y B o ard f o r J e w ish L ife at D u k e U n i v ers i t y s F r e e m an Center a n d h e a lso g ra du a t ed w i th a BA fr o m D u ke Un i v ers i t y .

 

M r. F r e e m a n ’s qu al i ficati o n s as a d irect o r i n cl ud e h is e x p erience as an i n v e s t o r , i n v e s t m ent b a n k e r a n d b o ard m e m b er o f m u lti p le c om p a n ies with e x p ert i se in fi n a n ce, c om p ens a ti o n , tur n ar o und s, c o r p o ra t e tra n sact i o n s and sig n if i ca n t ly i m p r o v i n g v al u e at u nd e r p erf o r m i n g c om p a n i e s.

 

Kevin Gregson

 

Mr. Gregson has served as the Americas Leader for the Insurance Industry for Willis Towers Watson plc since 2013. Prior to his role at Willis Towers Watson, Mr. Gregson was a Managing Director at Alvarez and Marsal Holdings, LLC, a financial advisory services company focused primarily on the financial services industry, from 2010-2013. Mr. Gregson has over thirty years of experience in developing and implementing business solutions for global organizations. Prior to joining Alvarez and Marsal, Mr. Gregson served as founder and president of Bridge Pointe, LLC, a Bermuda-based insurance and reinsurance company and advisory services firm that provides innovative insurance solutions for insurers and corporate sponsors. Previously, he was a co-founder and principal of the Gregson Group, a business advisory firm helping companies align business strategies with

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organizational and human capital strategies. He is currently a director at Fidelity & Guaranty Life, a provider of life insurance and annuity products, where he serves on the audit, compensation and related party transactions committee. Mr. Gregson holds a B.A. from the University of Delaware and has attended the Executive Finance Program at the University of Michigan.

 

Mr. Gregson’s qualifications as a director include his experience advising companies on complex business and financial issues for thirty years, and his expertise in corporate governance, strategy, and financial/operational performance improvement.

 

L o w e l l R ob i n s o n

 

M r. R o b i n s o n is a h i gh ly reg a r d ed fi n a n cial a n d o p e rati n g e x ecut i v e with th i r t y y ea r s o f sen i o r -l e v el strat e g ic, fi n a n cial, g o v er n a n ce, tur n ar o un d a n d M & A e x p erience. H e h as also b e e n o n se v en pub lic c o m p a n y b o ar d s , a n d h as e x p eri e n c e se r v i n g as C h ai r m an o f the b o ard as w e ll a s C h ai r m an o f a ud it a n d c o m p ensat i o n c om m it t e e s. F r o m 2 0 0 6 - 2 0 0 9 , M r. R o b i n s o n w a s C h ief F in a n cial Offic e r a n d C h ief Operati n g Off i cer f o r M i v a, I n c., a d i g ital m a r k e t i n g c o m p a n y , a n d was i n strumen t al in M iva s tur n ar o un d a n d su b seq u e n t sale. H e was p r e v i o u sly S en i o r Ex e c u ti v e V i c e P resi d ent a n d C h ief F in a n cial Officer o f Ho tJ o b s. c o m , an o n li n e j o b b o ar d , w h e re h e was res p o n si b le f o r all fi n a n ce a n d a d m i n istr a ti v e f un cti o n s at the c om p a n y . A f t e r b ri ng i n g the c om p a n y to p r o fi t a b ility a y e a r a h ead o f e x p ec t a ti o n , H o tJ o b s was s o ld t o Ya h o o ! f o r $ 5 0 0 m illi o n , r epre s enti n g a 7 5 % p r e m ium t o m ar k e t . P rior t o j o i n i n g H o tJ o b s, M r. R o b i n s o n w as Ex e cut i v e V i ce P resi d e n t a n d C h ief F in a n cial Officer f o r P RT G r o up , a s o f t ware a n d IT ser v i c es c o m p a n y , wh e re h e ra i sed $ 6 2 m ill i o n in its i n itial pub lic o fferi ng . In 19 9 4 , M r . R o b i n s o n w as r e cr u ited by the C E O a n d W ar bu rg P i n cus to s e r v e as t h e C h ief Fi n a n cial Off i cer o f Val a ss i s C o mm un ic a ti o n s, I n c. ( f / k / a A dv o , I n c.), a Fo r tu n e 50 0 c o m p a n y a n d the l ar g est d irect m a r k e ti n g c o m p a n y o n the N ew Y o rk St o ck E xcha ng e with $ 2 b illi o n in r e v en u es. O v er a th r ee- y ear p er i o d , sh a rehol d er v al u e i n crea se d 3 0 0 % du e t o o p er a ti o n al i n itiativ e s which h e le d , in ad d iti o n t o p a y i n g o u t a o n e -t i m e $ 1 0 sp e cial d ivi d en d . P r e v i o u s l y , M r. R o b ins o n h eld sen i o r fi n a n cial p o sit i o n s with C i tigr o up , M ars, I n c. a n d Kraft Fo o d s Gr o up , I n c. H e is cu r rently o n t h e b o ard at EVI N E L ive I n c., a n d h as p re v i o u sly ser v ed o n the b o ard o f The J o n es Gr o up , I n c., where h e ch a ired the a ud it a n d c om p ensat i o n c o mm i t t e es, in a dd iti o n t o h a v i n g ser v ed o n the b o a r d s o f five o ther pub lic c o mp a n ies o v er the c o u r s e o f h is car e er. Mr . R o b i n s o n h o l d s a B. A . f r o m The U n i v ersi t y o f Wis c o n sin a n d a n M .B . A. in fi n a n c e f r o m H arvard B u si n ess Sch o o l.

 

M r. R o b i n s o n’ s qu al i ficat i o n s as a d i r ec t o r i n cl u d e h is C - l e v el e x e c u ti v e e x p erien c e a t m u lti p le c o m p a n ies, h is e xperie n c e ser v i n g o n the b o ar d s o f s e v en pub lic c o m p a n ies a n d h is e x p e r tise in fi n a n c e , c o r p o r ate g o v ern an c e , t u r n ar o und s and c o r p o ra t e t r a n sacti o n s.

 

Gr e g o r y S l a y t o n

 

The Hon. Gregory Slayton has served as the Managing Director of Slayton Capital, an international venture capital firm that has been an early investor in some of the most successful companies in Silicon Valley history, since 2002. He was an early investor in Google and Salesforce.com and served on the advisory boards of both companies. From 2005-2009, Mr. Slayton was the United States Chief of Mission (defacto Ambassador) to Bermuda, serving under both the Bush and Obama Administrations. From 2000-2002, he served as Chief Executive Officer of ClickAction Inc., an email marketing services company that was acquired by InfoUSA Inc., and prior to this, he was Chief Executive Officer and Chairman of MySoftware, which merged with ClickAction in 2000. He has also served as Distinguished Visiting Professor at Peking University and as a visiting professor at UIBE Business School, Beijing & Szechuan University, Dartmouth College, Harvard University and the

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Stanford Graduate School of Business. Mr. Slayton has been featured in the Wall Street Journal, Time and three Harvard Business School case studies. He has lived and worked extensively in Asia, Africa, Europe and Latin America, and was a Fulbright Scholar at the University of the Philippines, where he completed a Masters in Asian Studies with honors. Mr. Slayton holds a B.A. from Dartmouth College and an M.B.A. from Harvard Business School, having graduated from both institutions with honors.

 

Mr. S l ay t o n’ s qu al i ficat i o n s as a d ir e ctor i n cl ud e h is e xperie n ce as an i n v e s t o r in t e ch n o l o g y c om p a n i e s, h is e x e cuti v e e xperie n c e a s CEO o f m u lti p le c om p a n ies, h is e x p erie n ce s er v i n g o n t h e bo ar d s o f f o u r pub lic c o m p a n ies and his e xpertise in t e ch n o l o g y , o p e rati o n s and in t ern a t i o n al m arke t s.

 

MNG’s Strategy will Benefit ALL Shareholders

 

As sh a rehol d ers, we d o n ’t h a v e t o se t tle f o r the fi r e - sale” Ra nd s tad d eal that w as b r o ugh t to u s b y the cu r rent B o ard o r the po o r p erf o r m a n ce o f the C o m p a n y that h a s t a k e n p la c e u nd er its wa t ch. S i m p ly pu t, we e x p ect mo r e fr o m the bo ard m e m b e r s we entr u st with c r ea t i n g v a l u e at the c o m p a n i e s w e i n v est in a n d w e th in k o th e r sha r eh o l d ers sh o u ld e xp e ct m o re as w ell. The r e is a b e t t e r p a th f o r ward f o r Mo n s t e r a n d we a re c o n fi d ent that the p lan w e v e la i d o u t a n d the b o ard ca nd i d at e s w e are p re s enti n g rep r es e n t t h e b est po ssi b l e altern a t i v e t o d eli v er s u b stantial v al u e t o sh a re h o l d er s . We en c o u ra g e all sh a rehol d ers t o v is i t o u r w e b sit e , re v i tali z e mo n s t e r .c o m , to le a rn m o re a b o u t o u r no m i n e e s a n d o u r strat e g ic pl a n t o r e v ital iz e t h e C o m p a n y .

 

If yo u h a v e a n y qu es t i o n s , p lease c o n tact Okapi P a r t n ers LL C a t i n f o @ o kap ip a r tners.c o m o r 2 12 - 2 9 7 - 0 7 20 .

 

S in cer e ly,

M ed i a N e ws G r o up , I n c.

 

Ab o u t Med i a N ew s G r oup , I nc .

 

M ed i a N e ws Gr o up , I n c. (d/ b / a D i g ital F i rst M ed i a) is a lea d er in l o cal, m u lti p latf o r m n e w s a n d i n f o r m a ti o n , d isti ngu is h ed b y its o ri g i n al c o n t e n t a n d h i g h q u al i t y , d iv e rsi f ied p o rt f o lio o f l o cal m ed i a asse t s. D i g ital F i rst M ed i a i s the se co n d la rg est n e ws p a p er c o m p a n y in the U n it e d States b y c i rc u lati o n , ser v i n g an a ud ie n ce o f o v e r 4 0 m ill i o n rea d ers o n a m o n th l y b asis. The C o m p a ny’ s p o rtf o l i o o f p r o du ct s i n cl ud es 6 7 d ai l y n e w sp ap e rs a n d 1 8 0 n on - d ai l y pub licati o n s. D i g ital F i r s t M ed i a h as a l e a d i n g l o cal n e w s a ud ie n ce sh a re in each o f its p rima r y m ar k e t s a n d i t s c o n t e n t m o n e t i z at i o n p latf o r m s se r v e cl i ents o n b o th a nat i o n al a n d l o cal s c ale.

 

I n v es t o r C o n ta c t:

 

J o e A n t o

M ed i a N e ws G r o u p

2 1 2 - 6 34 - 9 6 4 2

 

M ic h ael F ein & J o n Ei n si d l e r

Okapi P art n ers

2 1 2 - 2 97 - 0 7 2 0 i n f o @o k a p i p art n ers. c o m

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Med i a C o n ta c t: A l e x a nd ra G a m b ale

P ep p er c om m

2 1 2 - 9 31 - 6 1 7 0

 

M ed i a N e ws Gr o up , I n c., Jo seph A n t o , Et h an Bl o om f i e l d , D a n iel D ie n st, H e a th F r e e m a n , K e v in Gregs o n , L o w e ll R o b i n s o n a n d Gre g o ry S l a y t o n (c o l l ec t i v e ly , t h e P artici p a n t s ) h a v e fi l e d with the Secu r i ties a n d Ex c h a ng e C o m m iss i o n (t h e SE C ) a d efi n i ti v e c o n s ent sta t e m ent a n d ac c omp a n y i n g f o rm o f c o n se n t card to b e u sed in c o nn e cti o n with t h e s o lici t ati o n o f c o n se n ts fr o m the s t o ck h o l d ers o f Mo n s t e r W o rl d wi d e, I n c. (t h e C o m p a n y ). A l l s t o ck h o l d ers o f the C o m p a n y are a d v i s ed to r ead the d efi n it i v e c o n sent s tat e m ent a n d o t h er d o cu m ents re l at e d t o the s o lic i tat i o n o f c o n sen t s b y the P a r tici p a n ts a s they c o n tain i m p o r tant i n f o r m ati o n , incl ud i n g a dd iti o n al i n f o r m at i o n rel a t e d t o the P art i ci p a n ts. T h e c o n sent s tat e m ent a n d an acc o m p a n y i n g c o n sent ca r d will b e f u r n is h ed to s o m e o r all o f the C o m p a n y s st o c kh o l d e r s a n d will b e, alo n g w i th o ther rel e v a n t d o c u m ent s , a v ai l a b le at n o ch a r g e o n the S E C w e b site at h t t p: / / w w w.se c . g o v / o r f r o m Okapi P ar t n e rs at ( 8 5 5 ) 3 0 5 - 08 5 6 o r i n f o @o k a p i p art n e r s.c o m .

 

I n f o r m a ti o n a b o u t t h e P a rtici p a n ts a n d a d es c ri p ti o n o f their d irect o r i nd ir e ct i n t e res t s b y se c u ri t y h o l d i ng s is c o n tai n ed in t h e d efi n iti v e c o n sent sta te m ent o n Sc h ed u le 1 4 A fi l e d b y the P artici p a n ts wi t h the SEC o n Oc t o b er 2 0 , 2 0 1 6 . This d o cu m ent is a v ai l a b le free o f ch a r g e f r o m the s o u r ces i nd icated a b o v e.

 

I mp o r t an t I n f o r ma t i o n A b ou t t h e T ende r O ff e r

 

The t e nd er o f f er re f eren c ed in th i s p ress r elea s e h a s n o t y et c om m en c ed. T h is a nn o un c e m ent is f o r i n f o r m a ti o n al pu r p o ses o n l y a n d is n o t an o ffer t o pu rc h ase o r a s o licit a ti o n o f a n o ffer to sell s ecurit i e s , n o r is it a su b stitu t e f o r t h e t e nd er o f f er m a t er i als t h at will b e fi l ed w i th the S E C. The s o licit a ti o n a n d o ffer t o bu y sh a r es o f co m mo n s t o ck o f M o n s t er will o n ly b e m a d e pu rs u a n t t o an Offer t o P u rc h a se a n d related t e nd er o f fer m a t e r i als that will b e fi l ed b y MN G (t h r o ug h an aff i liat e ) with the SE C . THE TE N D E R OF F ER M A TERI A L S OF M N G ON SC H E D U L E TO (I N C L U D I N G AN OF F E R T O P UR C H A S E, A R E L AT E D L ET T ER OF TRA N SM I T T AL A N D C ER T A I N O THER TE ND ER OF F ER D OC U M E N TS) W I L L CO N TAIN I M P O R TA N T I N FORMATIO N . M O N STER S H ARE H O L D ERS S H O U L D READ T H ESE D OC U M E N TS C A REFU L L Y W H EN TH E Y BECO M E A V A I L A B L E BE C A U SE THEY W I L L CO N T A IN IM P OR T A N T I N FORM A TION TH A T M O N ST E R SH ARE H O L D ERS S H O U L D CO N S I D ER B EFORE M AKI N G A N Y D ECI S ION R EGA R D I N G TE N D ERI N G THEIR SECUR I TIES. C o p ies o f th e se d o c u m en t s, when fi l ed with the SEC, will b e a v ai l a b le free o f ch a r g e b y c o n ta c ti n g Okapi P a r tners LL C, t h e i n f o r m at i o n a g e n t f o r the t e nd er o ffer, a t ( 8 5 5 ) 3 0 5 - 0 8 56 . T h ese d o cu m ents, when fi l ed wi t h t h e SEC, w i l l al s o b e a v ai l a b le f o r free at the SEC s w ebsite a t w w w . s ec.g o v .

Wa r n i n g R e g a r d i n g F o r w a r d L oo king S t a teme n ts

 

TH I S P RESS R E L EA S E C O N T A IN S FORWARD L O O KI N G ST A TE M E N TS. FORW A RD L OO K I N G ST A T E M E N TS C A N BE ID E N TIF I E D B Y U S E OF W OR D S S U CH A S OU T L O O K , BE L IE V E , I N TE N D” , E X P EC T , P OTE N TI A L” , WI L L , “M A Y , S H O UL D” , ESTIM A T E , A N TIC I P AT E , A N D D E R I V A TIVES OR N EGATI V ES OF S U CH W O R D S OR S I M I L AR W OR D S. F O RWA R D L OO K I N G ST A TE M E N TS IN TH I S P RESS R E L EA S E ARE B A SED U P ON P RESE N T B E L IE F S OR E X P ECTAT I O N S. H OWEVER, FO R WA R D L O OKI N G ST A T E M E N TS A N D THEIR I M PL I C A TIO N S ARE N OT GU A RA N TE E D T O OCCUR A N D M AY N O T O CCUR AS A RES U L T O F V A RIOUS RI S KS, REA S O N S A N D U N CERTA IN TIES, I N C L U D I N G U N C E RTAI N TY AS TO WHETHER THE CO N D ITIO N S T O THE TE N D ER OF F ER WI L L BE S A T I S F IE D , THE N U M BER OF S H ARES OF M O N ST E R CO M M ON ST O CK TH A T W I L L BE TE ND ER E D A N D W H ET H ER THE TE N D ER OF F E R WILL BE C OM M E N C E D OR CO N S U MM A TE D . E X C E P T AS RE Q UIR E D BY L A W , M N G A N D ITS OWNERS A N D R E L AT E D P ERSO N S U N D ER T A KE N O O B L IG A T I ON TO U P D ATE A N Y F O R WARD L O OKI N G S TAT EM E N T, WHETH E R AS A RESULT OF N E W I N FO R M A TIO N , FUT U RE D EV E L O PM E N TS OR O THE R WI S E.

 

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N ote: un l e s s cit e d b e l o w, M o n s ter h i s t o rical f i n a n cials a n d d a t a p oi n ts r efe r e n c e d in t h is l e t t e r a re f r o m t h e

Co m p a ny’ s S E C f ili n g s a n d p r e s s r e l e a s e s

 

i According to previous conversations with Monster Investor Relations. Based on our understanding, this includes inside sales, outside sales, management and sales/customer support

ii http://www.monster.com/about/our-locations

iii S&P Capital IQ

iv 2016 Proxy Peer Group includes: IAC/InterActiveCorp; LinkedIn Corporation; Earthlink Holdings Corp.; VeriSign,

Inc.; Shutterfly, Inc.; Pandora Media, Inc.; j2 Global, Inc.; Pegasystems Inc.; Blucora, Inc.; WebMD Health Corp.; NetSuite, Inc.; Web.com Group, Inc.; and DHI Group, Inc. Excludes three companies that are no longer standalone public companies since they have been acquired; Calculation of Cumulative Total Shareholder Return assumes dividends are reinvested

v Company’s Consent Revocation Statement, filed on Schedule 14A on October 18, 2016

vi Based on stock price of $44.72 on June 8, 2007

vii For instance, Monster made statements in a press release filed on Schedule 14D-9/A on September 30, 2016,

claiming, “Monster’s Board recognized that enhancing Monster’s competitive position in the current environment will require continued investment, and the Company will likely operate in a low growth environment with substantial margin pressure for several years.” Several days later, Monster wrote in a shareholder presentation filed on Schedule 14A on October 4, 2016 (the “October 4 DEFA14A), “If the Randstad transaction does not close, Monster’s stock price could trade down to or below the pre-announcement price.”

viii S&P Capital IQ

ix Company’s Solicitation/Recommendation Statement, filed on Schedule 14D-9 on September 6, 2016

x Company’s Solicitation/Recommendation Statement, filed on Schedule 14D-9 on September 6, 2016

xi Company’s Consent Revocation Statement, filed on Schedule 14A on October 18, 2016

xii Based on Monster stock price on October 15, 2015 of $7.60

 

 

 

 

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