Shares of Monster Worldwide Inc. (NYSE: MWW), provider of online recruiting solutions, surged on Friday after Reuters reported that the company has drawn interest from a number of potential buyers.
MWW shares rose to an intra-day high of $9.63 on Friday before finishing the day19.01% higher at $9.33 on above average volume of 17.60 million.
Reuters, citing sources familiar with matter, reported on Friday that a number of potential buyers, including private equity firm Silver Lake Partners, have shown an interest in acquiring Monster World Wide. Reuters noted that at least one would-be suitor, LinkedIn Corporation (NYSE: LNKD) has decided to not move forward after an initial look.
Back in March, Monster Worldwide had retailed the services of Stone Key Partners and Bank of America Merrill Lynch to conduct a strategic review. Among the alternatives MWW looked at was a sale of all or part of the company.
Reuters, citing sources, said the company has received expressions of interest from several strategic and financial buyers. The sources said that Monster plans to send out financial information to the interested parties by the end of next week.
Monster Worldwide has been facing increasing competition from the likes of Facebook and LinkedIn, as well as other rivals. Earlier this year, the company had slashed 7% of its staff. The company’s share of online recruitment stands at 23%, below CareerBuilder.com’s 32% but above LinkedIn’s 16%.
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