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TMP will not raise bid for HotJobs.com

Published on .

New York--TMP Worldwide Inc. said it would not raise its $378 million takeover bid for HotJobs.com, clearing the way for Yahoo! Inc. to acquire the online recruiting company. HotJobs, which received a $436 million unsolicited offer from Yahoo! earlier this month, on Monday gave TMP 72 hours to respond to the bid. TMP said raising the offer would not be in the best interest of its shareholders. Meanwhile, TMP's Monster.com is launching an aggressive 2002 marketing blitz with advertising on the Bowl Championship Series, to be followed with a 30-second spot on Superbowl XXXVI and sponsorship of the Olympic Winter Games.
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