Monster Worldwide Picks Advisers For Strategic Review
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.
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