MonsterWorldwide Inc. and its largest shareholder MediaNews Groupcontinue their proxyfight over Monster's planned sale to Randstad Holding.
MediaNews, which owns an 11.6% stake in Monster, on Sept. 30wrote a letter to the company shareholders calling the sale "flawed andunorganized" and revealed its plans to replace Monster's entire board withits seven nominees.
MediaNews Group's nominees include Daniel Dienst, JosephAnto, Ethan Bloomfield, Heath Freeman, Kevin Gregson, Lowell Robinson,and Gregory Slayton. Dienst, who most recently served as CEO of , could be an ideal candidate to serve as Monster's CEO, theinvestor group said.
MediaNews said that its slate of nominees, if elected, willname Dienst as interim CEO while the new board conducts a search for afull-time CEO, and he would be considered for that position as well.
Monster, meanwhile, said MNG's letter is "an attempt toderail the Randstad transaction and take control of the company." Monsteradded that MNG does not have enough experience to run the company and is askingthe stockholders to reject an all-cash offer for a future "undisclosedstrategy."
Further, the Monster board said that there is a risk thatMonster's stock will be negatively impacted if it continues to operate as a stand-alonecompany. The boardrecommended that stockholders approve the Randstad offer of $3.40 per share, asit provides substantial and certain cash value to them.
Randstad recently extended its tender offer for Monster shares to Oct. 28to accommodate completion of the European Commission's regulatory review of thedeal.