Monster Worldwide's largest shareholder MediaNews Group voices opposition to its proposed sale to Randstad North America
MediaNews, 11.6% ownership stake, states, "As Monster's largest shareholder based on publicly available information, MNG believes the $3.40 per share deal would represent the textbook definition of "selling at the bottom." In fact, less than one year ago the Company was repurchasing stock at an average price of $6.03, a 77.4% premium to the current offer...MNG believes Monster can achieve a stock price of $6-$8 over the next 18 months, representing an upside of 76%-135% over Randstad's price, and it looks forward to a productive dialogue with Monster's shareholders and the Board regarding these ideas and potential next steps."