UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
SCHEDULE TO
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1)
OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
Monster Worldwide, Inc.
(Name of Subject Company)
__________
MediaNews Group, Inc.
(Name of Persons Filing Statement)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
611742107
(CUSIP Number of Class of Securities)
Marshall Anstandig
MediaNews Group, Inc.
101 W. Colfax, Suite 1100
Denver, Colorado 80202
(408) 920-5999
(Name, address and telephone numbers of person
authorized to receive notices
and communications on behalf of the persons
filing statement)
with a copy to:
|
Akin Gump Strauss Hauer & Feld LLP
Attn: David D’Urso, Esq. and Jeffrey L. Kochian,
One Bryant Park
New York, New York 10036
(212) 756-2000
|
Transaction
Valuation
|
Amount
of Filing Fee
|
Not Applicable
*
|
Not Applicable
*
|
* A filing fee is not required in connection with this filing as
it relates solely to preliminary communications made before the commencement of a tender offer.
☐
|
Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
|
|
Amount Previously Paid: None
Form or Registration No.: Not Applicable
|
|
Filing Party: Not Applicable
Date Filed: Not Applicable
|
|
☒
|
Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
|
Check the appropriate boxes below to designate any transactions to which the statement relates:
|
☒
¨
¨
¨
|
third-party tender offer subject to Rule 14d-1.
issuer tender offer subject to Rule 13e-4.
going-private transaction subject to Rule 13e-3.
amendment to Schedule 13D under Rule 13d-2.
|
Check the appropriate boxes below to designate any transactions to which the statement relates:
|
¨
|
This Tender Offer Statement on Schedule TO relates to
preliminary communications made before the commencement of a planned tender offer by an affiliate of MediaNews Group, Inc.
to purchase up to 8,925,815 shares of common stock, par value $0.001 per share, of Monster Worldwide, Inc., a
Delaware corporation for $3.70 per share, net to the seller in cash, without interest and less any required withholding
taxes.
MediaNews
Group Files Definitive Consent Solicitation Materials, Announces Cash Tender Offer and Releases Shareholder Presentation at www.revitalizemonster.com
D
E
N
VER,
CO--
(
M
a
r
k
e
t
wir
e
d
– Oc
to
b
er
2
1
,
2
0
1
6
)
-
M
ed
i
a
N
e
w
s
G
r
o
u
p,
I
n
c. (“
M
N
G”),
t
h
e la
rg
e
s
t
sh
a
rehol
d
er
o
f
Mo
n
s
t
e
r
W
o
rl
d
wi
d
e,
I
n
c. (
N
YSE:
M
W
W)
(“
M
o
n
s
t
er”
o
r t
h
e “C
o
m
p
a
n
y
”
)
,
w
i
th an
o
wne
r
sh
i
p
i
n
t
e
re
s
t
o
f
1
1
.
5
%
o
f
M
o
n
st
e
r
’
s
o
u
t
s
tan
d
i
n
g
sh
a
res, a
nn
o
un
c
ed
it
h
as relea
s
ed an
o
p
en
l
e
t
t
er
to
Mo
n
s
t
e
r
sh
a
rehol
d
ers alo
n
g
with
i
ts
d
efi
n
it
i
v
e
c
o
n
sent
s
o
lic
i
tat
i
o
n
m
at
e
r
i
als
fi
l
ed
t
o
d
ay
with the Secu
r
ities a
n
d Ex
c
h
a
ng
e
C
o
m
m
iss
i
o
n
(t
h
e
“
SE
C
”
)
a
n
d a
nn
o
un
ced
that it (t
h
r
o
u
g
h
an aff
i
liat
e
) i
n
t
e
nd
s
t
o
m
a
k
e
a cash t
e
nd
er
o
f
f
er
f
o
r
u
p
to
8
,
9
2
5
,
8
1
5
sh
a
res
o
f c
omm
o
n
st
o
c
k
o
f
Mo
n
s
t
er
at a
p
rice
o
f
$
3
.
7
0
p
er sh
a
re.
The
o
f
f
er
p
rice
o
f
$
3
.
7
0
p
er sh
a
re rep
r
e
sents
a
9
.
8
%
p
r
e
m
i
u
m
t
o the c
l
o
si
n
g
p
rice
o
f the
M
o
n
st
e
r
c
o
m
m
o
n
s
t
o
c
k
re
p
o
rted
o
n
t
h
e
N
YSE
o
n Oc
t
o
b
er
20
,
2
0
1
6
,
t
h
e l
a
st
f
u
ll
t
ra
d
i
n
g
d
a
y bef
o
r
e
w
e a
nn
o
un
c
ed
the t
e
nd
e
r
o
f
f
er a
n
d
a
33
.
6
%
p
r
e
m
i
u
m
t
o t
h
e c
l
o
si
n
g
p
rice
o
f the
M
o
n
st
e
r
c
om
mo
n
s
t
o
ck
r
ep
o
r
t
ed
o
n the
N
YSE
o
n
A
ugu
st
8
,
20
16
,
the la
s
t f
u
ll tra
d
i
n
g
d
a
y
b
e
f
o
re
a
n
n
o
un
c
e
m
ent
o
f the Ra
nd
stad
m
erger
a
g
re
e
m
ent.
The
n
u
m
b
er
o
f sh
a
r
e
s
M
N
G i
n
t
e
nd
s
to
o
ffer
t
o
pu
rc
h
ase
in the t
e
nd
er
o
ffer
rep
r
e
s
en
t
s
a
pp
r
o
xi
m
at
e
l
y
1
0
%
o
f
t
h
e
o
u
ts
t
a
nd
i
n
g
sh
a
res
o
f
Mo
n
st
e
r
c
omm
o
n st
o
ck.
The
t
en
d
er
o
ffer
will
b
e
o
p
en
to all
M
o
n
st
e
r
sh
a
re
h
o
l
d
e
r
s.
A
f
t
e
r
g
iving effe
c
t
t
o
the
t
en
d
er
o
f
f
er,
ass
u
m
i
n
g
the
pu
rc
h
ase
o
f
1
0
0
%
o
f the
Mo
n
s
t
e
r
c
om
mo
n
s
t
o
ck s
o
ugh
t
in
t
h
e t
e
nd
er
o
ffe
r
,
M
N
G
is e
x
p
ec
t
ed
to
o
wn
19
,
2
2
5
,
8
1
5
sh
a
res
o
f
M
on
st
e
r
c
om
mo
n s
t
o
c
k
o
r
21
.
5
%
o
f the C
o
m
p
a
n
y
.
M
N
G is
n
o
t
a
b
le to
pu
rc
h
ase
mo
r
e than
2
5
%
o
f t
h
e
o
u
t
s
tan
d
i
n
g
M
o
n
st
e
r
c
o
m
m
o
n
s
t
oc
k wit
h
o
u
t
c
a
u
si
n
g
a
“
C
h
a
ng
e
o
f C
o
n
t
r
o
l”
und
er the
M
o
n
st
e
r
c
r
ed
i
t
a
g
re
e
m
en
t
.
M
N
G’S
o
ffer
will
no
t
b
e su
b
je
c
t
t
o a fi
n
a
n
ci
n
g
c
o
nd
iti
o
n
,
h
o
w
e
v
e
r
,
it will
b
e su
b
je
c
t
t
o
c
ertain
o
t
h
er
c
o
nd
it
i
o
n
s,
i
n
cl
ud
i
n
g
t
h
e t
e
r
m
i
n
at
i
o
n
o
f b
o
th t
h
e
Ra
nd
stad t
e
nd
er
o
ffer a
n
d
m
erger
a
g
re
e
m
e
n
t
.
Once t
h
e
t
en
d
er
o
ffer
is
c
o
mm
enced,
o
fferi
n
g
m
a
t
e
ri
a
ls
will
b
e
m
ai
l
ed
to
M
on
st
e
r
sh
a
r
e
h
o
l
d
ers
a
n
d fi
l
ed with the SE
C
.
Mo
n
st
e
r
sh
a
r
eh
o
l
d
e
r
s
s
h
o
u
ld
read the
o
f
f
e
ri
n
g
m
a
t
e
ri
a
ls
when they
b
e
c
om
e
a
v
ai
l
a
b
le,
b
e
ca
u
se
th
e
y w
i
ll c
o
n
tain
i
m
p
o
rta
n
t
i
n
f
o
r
m
at
i
o
n
.
The
t
en
d
er
o
f
f
er
will
b
e
h
eld
o
p
en
f
o
r
a
t
least
2
0
bu
si
n
ess
d
ays
f
o
ll
o
wing
its c
om
m
enc
e
m
ent,
a
n
d t
e
nd
ers
o
f sh
a
res
m
u
st
b
e
m
a
d
e
p
rior to t
h
e e
x
p
ir
a
t
i
o
n
o
f
t
h
e
t
e
nd
er
o
f
f
er
p
er
i
o
d.
A
dd
iti
o
n
al
l
y
,
M
N
G
h
as
re
le
ased an e
x
t
ensi
v
e
sh
a
re
h
o
l
d
er
p
res
e
n
t
a
ti
o
n
o
u
tli
n
i
n
g
1
) its
s
trat
e
g
i
c
p
lan to re
v
ital
iz
e
M
o
n
s
t
er
a
n
d
2
)
i
ts
d
irec
t
o
r
ca
nd
i
d
ates’ su
b
stantial
qu
al
i
ficat
i
o
n
s
t
o
r
e
p
lace
the cu
r
rent
B
o
ard
o
f
D
ir
e
c
t
o
rs.
The
p
re
s
en
t
ati
o
n
a
n
d
o
ther i
n
f
o
r
m
at
i
o
n
related
t
o
M
N
G’s
c
a
mp
ai
g
n
can
b
e f
o
un
d
at
w
w
w.
r
e
v
i
tali
z
e
m
o
n
s
t
er.
c
o
m
.
M
N
G’s
n
om
i
n
e
e
s
f
o
r the
M
o
n
st
e
r
B
o
ard
o
f
D
i
r
ec
t
o
rs
a
re:
|
·
|
D
a
n
iel
D
i
enst, e
x
p
er
i
enc
e
d
direct
o
r, C
h
ai
r
m
an
a
n
d
/o
r
C
h
i
ef E
x
ecuti
v
e
Offi
c
e
r
o
f
f
o
u
r
pub
lic c
o
m
p
a
n
ies,
i
n
cl
ud
i
n
g
mo
st rec
e
n
tl
y
,
C
h
ief E
x
ecut
i
v
e
o
f
M
art
h
a
St
e
wart
L
i
v
i
n
g
O
m
n
i
m
ed
i
a,
I
n
c
.;
h
as
e
x
t
e
n
s
i
v
e
b
a
c
kgr
o
un
d
i
n special situ
a
t
i
o
n
s,
tur
n
a
r
o
und
s
a
n
d
m
ed
i
a
bu
si
n
es
s
es,
with a t
r
ack rec
o
rd
o
f
creating si
gn
i
fica
n
t
v
al
u
e f
o
r
share
h
o
l
d
ers;
|
|
·
|
J
o
seph
A
n
t
o
,
Se
n
i
o
r
V
i
ce
P
resi
d
ent
o
f Str
a
t
e
gy/
M
&A
f
o
r
M
N
G
a
n
d f
o
r
m
er
C
E
O
o
f
J
o
b
s
in the U
S
, a su
b
si
d
ia
r
y
o
f
M
N
G
w
i
th
r
egi
o
n
al
l
y
f
o
cu
s
ed
j
o
b
b
o
a
r
d
sites in
N
ew En
g
la
n
d
|
|
·
|
Et
h
an
Blo
o
m
f
i
el
d
,
j
o
b
b
o
a
rd
e
x
ecut
i
v
e
a
n
d entrepr
e
n
eur
w
i
th si
gn
if
i
ca
n
t
e
x
p
e
rie
n
ce
g
r
o
wing a
n
d
m
a
n
a
g
i
n
g
hi
gh
-
p
erf
o
r
m
i
n
g
sales
t
e
a
m
s
;
|
|
·
|
H
ea
t
h
F
r
e
e
m
a
n
,
P
resi
d
e
n
t
o
f A
ld
en Gl
o
b
al
Ca
p
ital
LL
C
,
a
d
e
e
p
v
al
u
e
/
cata
l
y
st
d
r
i
v
en
i
n
v
e
s
t
m
ent
fi
r
m
, and Vi
c
e
C
h
ai
r
m
an
o
f
M
N
G
|
|
·
|
K
ev
in Greg
s
o
n
,
e
x
p
er
i
enc
e
d
c
o
r
p
o
ra
t
e
g
ov
e
r
n
a
n
ce
e
x
ecut
i
v
e
a
n
d
A
m
ericas
L
ea
d
er
f
o
r
I
n
su
r
a
n
c
e
I
ndu
stry at T
o
w
e
rs
W
illis
W
ats
o
n
;
|
|
·
|
L
o
w
e
ll
R
o
b
i
n
s
o
n
,
f
o
r
m
er
C
FO
o
f s
e
v
eral
p
r
o
m
i
n
ent
m
ed
i
a a
n
d
t
e
ch
n
o
l
o
g
y
c
o
m
p
a
n
ies
i
n
cl
ud
i
n
g
A
d
v
o and
H
o
t
J
o
b
s
and
e
xperie
n
ced p
ub
lic
b
o
ard
d
ire
c
t
o
r;
and
|
|
·
|
H
o
n
.
Greg
o
r
y S
l
ay
t
o
n
,
f
o
r
m
er
U.
S
.
C
h
ief
o
f
M
iss
i
o
n
(de fac
t
o
A
m
b
assa
d
o
r)
to Be
r
m
ud
a,
successful t
e
ch
n
o
l
o
g
y
e
x
e
c
u
ti
v
e
/
i
n
v
e
s
t
o
r,
was an ear
l
y i
n
v
es
t
o
r
a
n
d
p
re
v
i
o
u
sly
o
n the a
d
v
i
s
o
ry
b
o
ar
d
s
o
f
G
oo
g
l
e
a
n
d Sale
s
f
o
rce.
c
o
m
.
|
The f
u
ll
t
e
x
t
o
f
M
N
G’s le
t
te
r
is i
n
cl
ud
ed be
l
o
w
:
D
ear
F
ell
o
w S
h
are
h
o
l
d
er:
M
ed
i
a
N
e
ws
G
r
o
u
p,
I
n
c. (
“
M
N
G”),
cu
r
rent
l
y
h
as
an
o
wners
h
ip i
n
t
e
r
est
o
f a
pp
r
o
x
i
m
at
e
l
y
11
.
5
%
o
f the
o
u
ts
t
a
nd
i
n
g
sh
a
r
e
s
o
f
M
o
n
st
e
r
W
o
rl
d
wide,
I
n
c.
(
“
M
o
n
st
e
r”
o
r the “
C
om
p
a
n
y
”),
m
aki
n
g
u
s
t
h
e C
o
m
p
a
n
y
’
s
la
rg
est sh
a
re
h
o
l
d
er.
We
h
a
v
e
no
m
i
n
at
e
d
se
v
en
h
i
gh
ly
qu
al
i
fied ca
nd
i
d
at
e
s
to rep
l
a
c
e t
h
e
cu
r
rent B
o
ard
o
f
D
ir
e
cto
r
s
at
Mo
n
s
t
e
r,
as th
i
s
B
o
ard
h
as
p
r
ov
en
t
i
m
e a
n
d
a
g
ain its i
n
a
b
ility
to
m
ake
t
h
e
ri
gh
t strat
e
g
ic
a
n
d
o
p
er
a
ti
o
n
al
d
ecis
i
o
n
s
t
o
m
ax
i
m
i
z
e
sh
a
reholder
v
alue at t
h
e
C
o
m
p
a
n
y
.
The cu
r
re
n
t
d
eal
with Ra
nd
stad
a
t
$
3
.
4
0
p
er sh
a
re a
n
d
the
“
p
r
o
ce
ss”
that resu
l
t
ed in th
i
s
o
f
f
er is j
u
st
o
n
e
e
xa
m
p
l
e
in a l
o
n
g li
n
e
o
f
po
o
r
d
ecis
i
o
n
-
m
aki
n
g
b
y the cu
r
re
n
t
B
o
a
r
d
.
In a
dd
iti
o
n
t
o
e
n
t
e
ri
n
g
into t
h
e Ra
nd
s
tad
d
eal, th
i
s B
o
ard
o
v
er
s
aw
a
d
ec
l
i
n
e
in re
v
en
u
e
o
f
o
v
er
2
4
%
si
n
ce
2
0
1
2
a
n
d a
pp
r
o
v
ed
a st
o
c
k rep
u
rc
h
a
s
e
p
r
o
g
ram
that
h
ad the C
o
m
p
a
n
y
bu
y
i
n
g
b
ack st
o
c
k
in
D
ec
e
m
b
er
o
f
2
0
1
5
at an a
v
era
g
e
p
rice
o
f
$
5
.
9
9
,
o
n
ly
t
o
a
d
v
ise sh
a
r
eh
o
lders
t
o ac
c
ept
$3
.
4
0
p
er sh
a
re fr
o
m
R
a
nd
stad
m
on
ths
later. O
u
r
d
i
r
ec
t
o
r
ca
nd
i
d
at
e
s
are si
gn
if
i
ca
n
tly
m
o
r
e
qu
al
i
fied and
mo
re
e
xperie
n
ced
t
h
an
t
h
e e
x
i
sti
n
g
B
o
ard a
n
d
o
n
e
o
f
o
u
r
ca
nd
i
d
at
e
s,
D
a
n
iel
D
ie
n
st,
is
p
rep
a
red
t
o
s
er
v
e as in
t
erim
CEO
s
o that t
h
e turnar
o
un
d
at
Mo
n
s
t
e
r
can
b
egin i
m
m
ed
i
a
t
ely
a
f
t
e
r
o
u
r
d
i
rec
t
o
rs
a
r
e
s
ea
t
ed.
Wh
y
Ar
e We H
e
r
e
?
A
B
e
t
t
e
r
Path F
o
r
w
a
r
d
F
o
r A
l
l
M
on
ster
Sha
r
eho
l
de
r
s
MNG initially established a position in Monster in July of 2016 because we believed the stock was tremendously
undervalued relative to its long-term prospects. We continue to strongly believe this is the case and that the deal with Randstad
at $3.40 per share significantly undervalues the Company. Our nominees are dedicated to executing a plan to maximize shareholder
value for all investors and while MNG would make a profit if the Randstad deal closes, we believe there is SIGNIFICANTLY more upside
for everyone if the Company is managed properly over the long-term.
M
N
G
h
as a si
gn
if
i
ca
n
t
a
n
d
d
e
e
p
und
ers
t
a
nd
i
n
g
o
f the
p
ressu
r
es
faci
n
g
M
o
n
st
e
r
a
n
d the ch
ang
es
g
o
i
n
g
o
n in the recrui
t
m
ent
ad
ve
rtisi
n
g in
du
str
y
.
This, in p
a
rt, is
b
a
s
ed
o
n the
f
o
ll
o
wi
n
g
:
|
·
|
M
N
G
has
b
e
en a pa
r
tner
o
f
M
o
n
st
e
r
’
s
f
o
r
m
a
n
y
y
ears
|
|
·
|
We
o
wn and
o
p
er
a
te
a j
o
b
b
o
ard
bu
si
n
ess
o
f
o
u
r
o
wn
|
|
·
|
We
h
a
v
e
e
v
al
u
a
t
e
d
m
u
lti
p
l
e
o
ther
j
o
b
bo
ard
bu
si
n
es
s
es
as
p
o
t
e
n
tial
ac
qu
isit
i
o
n
s
|
|
·
|
We
o
p
erate
o
v
er
2
4
0
n
e
wspa
p
er
p
r
o
p
e
r
ties
in an i
ndu
stry that
h
as
g
o
n
e
t
h
r
o
ug
h
its
o
w
n
d
ra
m
atic
shi
f
t in
r
ec
e
n
t
hi
s
t
o
ry
|
We a
r
e
c
o
n
fi
d
ent
that wi
t
h the ri
gh
t tale
n
t
a
n
d
p
l
a
n
,
M
o
n
st
e
r
can
r
ed
u
ce its re
v
en
u
e
d
ecli
n
es a
n
d
i
n
crease p
r
o
fita
b
ilit
y
,
desp
i
te
t
h
e
num
e
r
o
u
s
h
eadwi
n
d
s
faci
n
g
t
h
e
C
o
m
p
a
n
y
.
W
e
b
elie
v
e
the
m
ain issues faci
n
g
Mo
n
s
t
er
are its la
c
k
o
f c
o
m
p
e
t
e
n
t
m
a
n
a
g
e
m
ent,
its
po
o
r strat
e
g
y
to
a
dd
ress the sh
i
ft
in the
bu
si
n
ess, a
n
d
its c
om
p
l
e
t
e
l
y
i
n
a
d
eq
u
ate
o
v
ersi
gh
t
b
y a B
o
ard that
d
o
esn
’
t
h
a
v
e the e
x
p
erie
n
ce,
skil
l
s
o
r
d
esire
t
o turn
t
h
e
bu
si
n
e
s
s
ar
o
und
.
Our cu
r
rent
p
lan f
o
r ch
ang
e
f
o
cus
e
s
o
n
three
k
ey ar
e
as –
1
)
retur
n
i
n
g to
g
r
o
w
t
h
,
2
)
o
p
t
i
m
i
z
i
n
g
the c
o
s
t structu
r
e
a
n
d
3
)
mo
n
e
ti
z
i
ng
/
res
t
r
u
c
tur
in
g
n
on
-
c
o
re
a
sse
t
s – a
n
d
w
o
u
ld specif
i
c
a
lly
i
nv
o
l
v
e
t
h
e
f
o
ll
o
wing
i
n
itiativ
e
s
:
·
Red
u
ce
e
x
p
ens
e
s
by
$
1
0
0
-
$
1
5
0
m
ill
i
o
n
t
h
r
o
ug
h
i
m
p
l
e
m
ent
a
ti
o
n
o
f
o
p
er
a
ti
o
n
al
b
est pra
c
tic
e
s
·
Mo
n
e
ti
z
e
n
o
n-
c
o
r
e
/
und
e
r
p
erf
o
r
m
i
n
g
asse
t
s th
a
t a
r
e
n
o
t
b
ei
n
g
v
al
u
ed at all in cu
r
rent
st
o
c
k
p
rice
·
Red
u
ce
c
a
p
ital
e
xpen
d
it
u
r
e
s
t
o be
m
o
re
in-li
n
e with
c
o
m
p
e
t
i
t
o
rs
and
o
ther
d
i
g
ital
c
o
m
p
a
n
ies
·
S
i
m
p
lify
t
h
e
p
r
o
du
c
t
o
ffer
i
n
g
and increase
s
ales p
r
o
d
u
cti
v
i
t
y
·
Focus
m
a
r
k
e
ti
n
g
ef
f
o
rts
o
n
B2B cust
o
m
er ac
qu
isit
i
o
n
a
n
d ca
nd
i
d
ate
ac
qu
isiti
o
n
,
with a f
o
cus
o
n ROI, and
e
x
e
cu
t
e
a
r
ebr
and
i
n
g
ca
m
p
ai
g
n
t
o a
t
tract
m
il
l
en
n
ia
l
s
Our stra
t
egy
f
o
r
M
o
n
s
t
er
i
s
w
e
ll th
o
ugh
t
o
u
t
a
n
d the resu
l
t
o
f
an
e
xha
u
sti
v
e
s
t
ud
y
o
f
t
h
e
bu
si
n
ess
a
n
d i
ndu
str
y
,
c
om
b
i
n
ed
with
ou
r B
o
ar
d
’s
re
l
e
v
a
n
t
e
x
p
er
i
ence
e
x
e
cuti
n
g
t
h
ese
t
y
p
e
s
o
f
i
n
itiat
i
v
e
s
,
b
o
th
a
t
M
N
G
a
n
d a
h
o
st
o
f
o
ther
bu
si
n
ess
e
s.
M
N
G
h
as
e
x
p
erience,
b
o
th
at
o
u
r
n
e
w
s
p
a
p
ers
a
n
d
o
u
r
j
o
b
b
o
a
r
d
bu
si
n
ess,
m
a
ki
n
g
si
gn
if
i
ca
n
t
e
x
p
en
s
e
red
u
ct
i
o
n
s
whi
l
e
m
i
n
i
m
i
z
i
n
g
i
m
p
acts
to r
e
v
en
u
e
,
a
n
d
o
u
r
s
tra
t
egy
is
g
reatly i
n
f
o
r
m
ed
b
y
t
h
ese
e
xperie
n
c
es.
At
M
N
G, we
h
a
v
e
red
u
ced t
o
tal
o
p
e
r
ati
n
g
e
x
p
ens
e
s
si
gn
if
i
ca
n
tly
o
v
er
t
h
e last few
y
ears a
n
d
o
u
r
r
e
v
en
u
e
p
er
f
o
r
m
a
n
ce
h
as
b
e
e
n
as
go
o
d
o
r
b
e
t
t
e
r
than si
m
ilar la
r
g
e
n
e
wspa
p
er
c
o
m
p
a
n
ies
in the i
ndu
stry
ov
er that s
a
m
e
t
i
m
e
p
eri
o
d
.
A
dd
iti
o
n
al
l
y
,
a
t
o
u
r
J
o
b
s
in the US
bu
si
n
ess, w
e
’
v
e b
e
e
n
a
b
le
t
o
si
gn
if
i
ca
n
t
l
y
r
e
du
ce
e
x
p
en
s
e
whi
l
e actua
l
l
y
g
rowing re
v
en
u
e
o
v
er
the last f
e
w
y
ears.
With the ri
gh
t
e
x
ecut
i
o
n
a
n
d strat
e
g
y
,
f
o
cused ar
o
un
d
the k
e
y i
n
itiati
v
es
list
e
d a
b
o
v
e
,
we
b
el
ie
v
e
Mo
n
s
t
e
r
has t
h
e a
b
ility to
d
eli
v
er
l
o
n
g
-
o
v
erd
u
e
v
al
u
e to share
h
o
l
d
ers
a
n
d
c
an a
c
h
ie
v
e
a st
o
ck
p
ri
c
e
o
f
$
6 -
$
8
per sha
r
e
o
v
er
the ne
x
t
1
8
mo
n
th
s
.
Re
c
en
t
R
e
st
r
u
c
t
u
r
i
n
g
Acti
o
n
s
a
t
t
h
e
C
o
mp
a
n
y
H
a
v
e
N
o
t
G
on
e
N
ea
r
l
y
F
a
r E
nou
g
h
Mo
n
s
t
e
r
cla
i
m
s that th
e
y
h
a
v
e
“
al
r
eady
ta
k
en” a
c
ti
on
s
to a
dd
ress ch
a
l
l
en
g
es
b
y cutti
n
g e
x
p
ens
e
s
o
v
e
r
$
1
0
0
m
ill
i
o
n
du
ri
n
g the pa
s
t
s
e
v
eral
y
ea
r
s,
cu
t
ti
n
g ca
p
i
tal
e
xpen
d
it
u
r
es
b
y
5
0
%
a
n
d div
e
sting
n
o
n-c
o
r
e
o
r
und
erperf
o
r
m
i
n
g
ass
e
ts.
To
b
e
c
l
ea
r
, the C
o
m
p
a
n
y
h
as
n
o
t
g
o
n
e
n
ear
l
y far e
n
o
ug
h
in
t
er
m
s
o
f
w
h
at
i
t
c
o
u
ld
o
r s
h
o
u
ld
d
o
t
o
r
e
i
n
in
e
xpense
s
, r
e
du
c
e
ca
p
ital spen
d
i
n
g
and div
e
s
t
, r
e
s
t
r
u
cture
o
r s
h
u
td
o
wn
u
nd
er
-
p
erf
o
r
m
i
n
g
ass
e
ts.
With regar
d
s
t
o
o
p
erating
e
xpense
s
,
Mo
n
s
t
e
r
still
h
as cl
o
se
t
o
3
,
7
0
0
e
m
p
l
oy
e
es,
with
o
v
er
1
,
0
0
0
in sale
s
i
a
n
d
ov
e
r
6
1
o
ff
i
ces in
2
3
c
o
un
trie
s
ii
.
We s
i
m
p
ly
d
o
n
o
t
a
c
cept the
no
ti
o
n
th
a
t the C
o
m
p
a
n
y
h
as
d
o
n
e
e
v
e
r
y
th
in
g
it can
t
o
r
ed
u
ce
o
p
erating e
x
p
ense.
Mo
n
s
t
e
r
spe
nd
s
m
o
re
o
n ca
p
ital e
x
p
en
d
it
u
r
es
as a
p
erc
e
n
ta
g
e
o
f i
t
s r
e
v
en
u
e
t
h
an its c
o
m
p
e
t
i
t
o
rs
a
n
d th
i
s
m
a
n
a
g
e
m
ent
t
e
a
m
/
B
o
ard
h
as a
t
erri
b
le
t
r
a
ck
r
e
c
o
rd
w
h
en it
c
o
m
es
t
o
g
en
e
rati
n
g
a return
o
n ca
p
i
tal
i
n
v
es
t
ed
–
r
e
t
u
rn
o
n ca
p
it
a
l
h
as ra
ng
ed a
nnu
al
l
y
f
r
o
m
0
.4%
t
o
4
.
4
%
si
n
ce
2
0
1
3
iii
.
We a
r
e
c
o
n
fi
d
ent
that si
gn
if
i
ca
n
t
i
m
p
r
o
v
e
m
ents
c
an
b
e
m
a
d
e
t
o t
h
e
p
r
o
du
c
t
e
v
en with a red
u
ced ca
p
i
t
al
e
x
p
en
d
it
u
r
e
s
budg
et a
n
d
w
h
at
is clear is
t
h
at
t
h
e
m
o
n
e
y
bei
n
g s
p
ent n
o
w
i
s
g
enerati
n
g
m
i
n
i
m
al
r
e
t
u
r
n
s
f
o
r sh
a
r
eh
o
l
d
e
r
s
.
The C
o
m
p
a
n
y
al
s
o c
o
n
te
nd
s
that all
n
on
-c
o
re
o
r
und
erperfo
r
m
i
n
g
asse
t
s
h
a
v
e
b
e
e
n
d
i
v
es
t
ed.
It’s
d
isi
ng
en
u
o
u
s
f
o
r the C
o
m
p
a
n
y
to
s
ay it
h
as
d
o
n
e
e
v
e
r
y
th
in
g
it can
h
ere when t
h
e i
n
t
e
r
n
at
i
o
n
al
bu
si
n
ess alo
n
e
h
as
b
e
e
n
unp
r
o
fita
b
le
f
o
r t
h
e last 3
y
ears.
Clea
r
ly there is
m
o
re
to
d
o
t
o e
i
ther
res
t
r
u
ctu
r
e,
sell
o
r sh
u
td
o
wn
p
ie
c
es
o
f
the i
n
t
ern
a
ti
o
n
al
bu
si
n
es
s
.
Mo
r
e
o
v
er,
o
u
r sus
p
ic
i
o
n
is that there are
o
ther
p
ar
t
s
o
f
Mo
n
s
t
e
r’s
bu
si
n
e
ss,
w
h
en a
n
alyzed with the
n
e
c
ess
a
ry
l
e
v
el
o
f
scr
u
ti
n
y
,
th
a
t
w
o
u
ld
fa
l
l i
n
to the s
a
m
e
cat
e
g
o
ry.
M
N
G
i
s
N
O
T
T
r
yi
n
g
to
T
a
ke
C
on
t
r
o
l
o
f M
o
n
st
e
r
Mo
n
s
t
e
r
clai
m
s we are t
r
y
i
n
g
t
o t
a
ke
c
o
n
tr
o
l
o
f
t
h
e
C
o
m
p
a
n
y
w
i
th
o
u
t
p
ay
i
n
g
a
c
o
n
tr
o
l
p
r
e
m
i
u
m
.
C
o
m
p
ar
in
g
a c
a
m
p
ai
g
n
t
o
r
e
m
o
v
e
a
n
d
r
ep
l
ace
the
B
o
ard
o
f
an
und
e
r
p
erf
o
r
m
i
n
g
c
o
m
p
a
n
y
with an
o
f
f
er to
a
cq
u
ire
t
h
e w
h
o
le
bu
si
n
ess is akin
t
o
c
o
m
p
ar
in
g
a
pp
les a
n
d
o
ra
n
g
es.
W
e a
r
e
o
ff
e
ri
n
g
sh
a
re
h
o
l
d
ers
a credi
b
le a
n
d
p
re
f
era
b
le
a
lternati
v
e
t
o
the sub
-
o
p
t
i
m
al
Ra
nd
s
tad
d
ea
l
.
A
dd
iti
o
n
al
l
y
,
si
n
ce we a
r
e sh
a
rehol
d
ers
in the
C
o
m
p
a
n
y
a
n
d i
n
t
e
n
d
to
c
o
n
ti
nu
e
b
ei
n
g sh
a
rehol
d
e
r
s
o
n
ce
ou
r
no
m
i
n
e
e
s
are el
e
ct
e
d to the B
o
ar
d
,
we a
r
e
c
o
m
p
let
e
ly
al
ign
ed with all sh
a
r
eh
o
l
d
ers
in
o
u
r
d
esire
to
m
axi
m
i
z
e
the
v
al
u
e
o
f
t
h
e C
o
m
p
a
n
y
.
M
N
G
h
as a
l
o
ng
-t
e
r
m
v
i
e
w
o
n
its
M
o
n
s
t
er
i
nv
es
tm
ent a
n
d
s
tr
o
n
g
c
o
n
v
ict
i
o
n
ar
o
un
d the
w
ell
t
h
o
ugh
t
o
u
t
p
lan
w
e
’
v
e
pu
t t
o
g
e
t
h
er
a
n
d t
h
e
e
x
p
erien
c
ed
slate
w
e’
v
e
a
ss
e
m
b
le
d
.
W
e are
c
o
n
fi
d
ent
the
o
pp
o
rtu
n
i
t
y
e
xists to cre
at
e si
gn
if
i
ca
n
tly
m
o
re sh
a
re
h
o
l
d
er
v
al
u
e if the ri
gh
t
B
o
a
rd a
n
d
lea
d
ersh
i
p
t
e
a
m
is p
u
t in pl
a
ce a
n
d
t
h
e b
u
s
i
n
ess
is
o
p
era
t
ed
p
r
o
p
erly.
C
o
lle
c
ti
v
el
y
,
o
u
r
B
o
ard
h
as e
x
p
erie
n
ce
w
o
rki
n
g
o
n
2
7 tur
n
a
r
o
un
d
situ
a
t
i
o
n
s
a
n
d se
v
en
t
e
e
n
y
ears
o
f e
x
p
erien
c
e
w
o
r
ki
n
g
within the
r
ecrui
t
m
ent
a
dv
ertis
i
n
g
i
ndu
str
y
. T
h
e
str
a
t
e
g
y
we are
p
r
o
po
si
n
g
f
o
r
Mo
n
s
t
e
r
is
ab
s
o
l
u
te
l
y
r
e
a
l
i
s
t
i
c
a
n
d
o
u
r
B
o
ard
h
as
the e
x
p
erie
n
ce
a
n
d kn
o
w
-
h
o
w
t
o e
x
ecute
i
t
effe
c
t
i
v
e
l
y
.
Q
ue
st
i
onab
l
e
S
t
r
a
te
g
i
c
a
n
d O
pe
r
a
t
i
ona
l
De
c
i
s
i
on
s
b
y t
h
e
I
n
c
u
mb
en
t
B
oa
r
d
The C
o
m
p
a
n
y
’
s
fi
n
a
n
cial
p
erf
o
r
m
a
n
ce
und
er t
h
e cu
r
r
ent
B
o
ard
h
as
b
e
en
t
e
rr
ib
l
e
,
with r
e
v
en
u
e
d
e
cli
n
i
n
g
b
y
o
v
er
2
4
% si
n
ce
2
0
1
2
a
n
d st
o
c
k
p
er
f
o
r
m
a
n
ce
suffe
r
i
n
g as a resu
l
t.
As
o
f
O
c
t
o
b
e
r
17
,
201
6
C
u
m
u
l
a
ti
ve
T
o
t
a
l S
h
a
r
e
ho
l
d
e
r
R
et
u
r
n
|
|
|
1 YR
|
2 YR
|
3 YR
|
4 YR
|
5 YR
|
M
o
n
s
t
e
r
|
(
7%
)
|
(
47%
)
|
(
52%
)
|
(
10%
)
|
(
59%
)
|
201
6
P
r
o
x
y
P
ee
r G
r
o
up A
v
e
r
a
ge
|
23%
|
89%
|
56%
|
83%
|
70%
|
S
&P
50
0 I n
d
e
x
|
24%
|
51%
|
68%
|
84%
|
97%
|
S
o
ur
ce:
S
&
P Ca
p
it
a
l
IQ
iv
The i
n
cum
b
e
n
t
B
o
ard
h
as a l
o
n
g
h
is
t
o
ry
o
f
p
oo
r
d
eci
s
i
o
n
-
m
aki
n
g
that
h
as
n
egati
v
ely
i
m
p
ac
te
d
sh
a
rehol
d
er
v
al
u
e.
This is
t
h
e B
o
ard
tha
t
:
|
·
|
Br
o
ugh
t
T
i
m Ya
t
es in as
C
EO
in
N
o
v
e
m
b
er
20
1
4 a
n
d
also r
e
-a
pp
o
i
n
t
ed
h
i
m C
F
O
in Fe
b
r
u
ary
o
f
2
0
1
6
d
espite his
po
o
r
p
r
e
v
i
o
u
s
t
r
a
ck
r
eco
r
d
o
f cre
a
ti
n
g
v
al
u
e
f
o
r
sha
r
eh
o
l
d
e
r
s
at
Mo
n
s
t
e
r
|
|
·
|
Gra
n
t
e
d
Tim Yat
e
s a
g
o
l
d
e
n
p
arac
hu
te
o
f
o
v
er
$4
.9
m
illi
o
n
v
,
d
espite lit
t
l
e
skin in the
g
a
m
e
a
n
d e
v
en
t
h
o
ug
h
the s
t
o
ck
is
d
o
wn
9
2%
v
i
si
n
ce
h
e j
o
i
n
ed
the C
o
m
p
a
n
y
as an e
x
ec
u
ti
v
e
in
Jun
e
o
f
2
0
0
7
|
|
·
|
Focused
o
n
h
a
v
i
n
g
d
isc
u
ss
i
o
n
s
to
s
ell
M
o
n
st
e
r
when it was tra
d
i
n
g at
o
r
a
r
o
un
d
al
l
-ti
m
e l
o
w
s
,
i
n
st
e
ad
o
f
d
e
v
isi
n
g
and
e
xe
cuti
n
g
a
p
lan
t
o fix the b
u
s
i
n
ess
|
|
·
|
A
u
th
o
ri
z
ed
a
s
t
o
c
k
bu
y
b
a
c
k
at
o
v
er
$6
.
0
0
p
er sh
a
re
i
n
Q4
o
f
2
0
15
,
o
n
l
y
t
o
s
ell
t
h
e
bu
si
n
ess
f
o
r
$3
.
4
0
m
o
n
ths
la
t
er
|
|
·
|
Wast
e
d
$
1
2
.5
m
ill
i
o
n
to
a
cq
u
ire
J
o
b
r,
a st
a
rt-
u
p
mob
ile
a
p
p with lit
t
le r
e
v
en
u
e
o
r s
p
eciali
z
ed
t
e
ch
n
o
l
o
g
y
–
M
N
G
p
r
i
ced
o
u
t wh
a
t
it
w
o
u
ld
c
o
st to
d
e
v
e
l
o
p
v
i
r
tua
l
ly
t
h
e s
a
m
e
a
p
p as
J
o
b
r
a
n
d
b
elie
v
e
s
it
w
o
u
ld
c
o
st l
e
ss
th
an
$
2
5
0
k
t
o d
e
v
e
l
op
,
o
r
2
%
o
f
t
h
e
p
r
i
ce
p
aid to ac
qu
ire it
|
|
o
|
S
p
en
d
i
n
g
$12
.
5
m
i
lli
o
n
in
c
ash at th
i
s t
i
m
e
f
o
r an a
p
p that
h
as
v
i
r
tua
l
ly
n
o
r
e
v
en
u
e
a
n
d lit
t
le in t
h
e
w
a
y
o
f t
e
ch
n
o
l
o
g
y
d
if
f
e
r
entiat
i
o
n
m
a
k
es
n
o
sen
s
e a
n
d is a
n
o
ther
e
x
a
m
p
le
o
f
p
oo
r
ca
p
ital al
l
o
cat
i
o
n
|
|
·
|
Asserted they
h
a
v
e
“
al
r
e
a
d
y
ta
k
en” act
i
o
n
s
t
o a
dd
r
ess
ch
a
l
l
en
g
es
b
y cutti
n
g e
x
p
enses
o
v
e
r
$
1
0
0
M
o
v
er the
p
ast
s
e
v
eral
y
ears;
the
r
eality is
t
h
at
the
C
o
m
p
a
n
y
h
as
n
o
t
g
o
n
e
n
ear
l
y f
a
r
en
o
ug
h in
t
e
r
m
s
o
f what
i
t c
o
u
ld
do
t
o r
ei
n in e
x
p
ens
e
s
&
r
ed
u
ce ca
p
i
t
al
e
x
p
en
d
i
t
u
r
es;
k
ey rat
i
o
s
i
nd
icate
M
o
n
s
t
er
is s
e
v
ere
l
y
u
nd
erper
f
o
r
m
i
n
g
p
e
e
rs
a
n
d
has a bloa
t
ed
c
o
st
s
t
r
u
c
ture
|
|
·
|
Cla
i
m
ed
they
h
a
v
e
d
i
v
e
s
t
e
d
all
o
f the
n
o
n
-
c
o
re
a
n
d
und
erperf
o
r
m
i
n
g
bu
si
n
es
s
es;
t
h
e reali
t
y is that t
h
e
r
e
are still s
e
v
e
r
al
und
erperf
o
r
m
i
n
g
bu
si
n
ess
un
its
t
h
a
t
should
b
e e
v
al
u
a
t
ed
f
o
r
d
iv
e
stitu
r
e,
re
s
tructu
r
i
ng
,
o
r sh
u
td
o
wn
if th
e
re
i
s
n
o
v
ia
b
le
p
ath
t
o ac
h
ie
v
e
a
cc
e
p
tab
l
e
p
r
o
fita
b
ility
|
|
·
|
Ena
b
led a lack
o
f
pro
du
ct
s
trat
e
g
y
t
o ad
d
ress shi
f
ti
n
g
m
ar
k
et & r
e
v
en
u
e
decli
n
es
|
|
·
|
D
e
mo
n
s
trat
e
d
a
pp
are
n
t
t
o
ler
a
n
ce
f
o
r
c
o
r
p
o
r
a
te
l
e
t
h
ar
g
y
a
n
d e
r
o
si
o
n
o
f l
e
a
d
e
r
sh
i
p
p
o
siti
o
n
in
m
ar
k
et
|
|
·
|
H
as
c
o
n
sistent
l
y
tal
k
ed
d
o
wn
the
bu
si
n
ess
a
n
d its
p
r
o
spe
c
ts
in an atte
m
p
t
t
o ram thro
ug
h
t
h
e Ra
nd
stad
dea
l
vi
i
|
Giv
e
n th
i
s
h
is
t
o
ry
o
f
po
o
r
d
ecisi
o
n
m
aki
ng
,
why s
h
o
u
l
d
sh
a
rehol
d
ers
no
w
b
eli
e
v
e
the B
oa
rd w
h
en it says that
t
h
e
Ran
d
stad d
e
al is
t
h
e
b
est
o
p
t
i
o
n
t
o del
i
v
er
v
a
l
u
e?
Fl
a
w
ed
,
Rus
he
d
Sa
l
e
P
r
o
c
e
ss
Rai
s
e
s Q
ue
s
t
i
on
s
a
b
ou
t I
n
c
u
mb
en
t
B
oa
r
d
’s M
o
tiv
a
ti
on
s
An
o
u
tri
gh
t
sale
o
f the
C
o
m
p
a
n
y
was
no
t – a
n
d is
n
o
t
– the
o
n
ly
o
p
t
i
o
n
.
The
i
n
cum
b
ent
B
o
ard
t
o
o
k
the easy way
o
u
t
v
ia
a
“
fi
r
e
-s
a
le”
si
n
c
e t
h
ey
h
a
v
e
lit
t
le
s
kin in the
g
a
m
e,
as
t
h
e i
n
cum
b
ent
n
o
n-
e
m
p
l
o
y
e
e
d
irect
o
r
s
c
o
ll
e
ct
i
v
ely
o
wn a
m
eas
l
y
0
.
3
%
o
f
the s
t
o
c
k
viii
.
It is clear to
u
s that the Ra
nd
stad
d
eal was enter
e
d i
n
t
o
b
y the
B
o
ard
o
u
t
o
f
d
es
p
erat
i
o
n
to
a
v
o
id
respo
n
si
b
ility
f
o
r
y
e
t a
n
o
ther
qu
ar
t
erly
m
iss
b
y the
C
om
p
a
n
y
.
The
C
o
m
p
a
n
y
d
id
n
o
t
n
e
g
o
tia
t
e
a
g
o
-s
h
o
p
p
r
ov
is
i
o
n
with Ra
nd
stad, e
v
en t
h
oug
h
they
d
id
n
o
t
r
u
n a f
o
r
m
al
a
u
ct
i
o
n
p
r
o
c
e
s
s
.
Wh
i
le
o
ther
p
o
t
ential
b
u
y
ers
a
r
e a
b
le
t
o
t
ech
n
ically su
b
m
it
bi
d
s,
p
ra
c
tical
l
y
speaki
ng
,
t
h
e
r
u
shed nat
u
r
e
o
f
t
h
e
p
r
o
c
ess
w
o
u
ld
m
a
ke it
h
ard
f
o
r a
n
y p
ub
lic
c
o
m
p
a
n
y
,
pr
i
v
ate
c
o
m
p
a
n
y
with a s
o
ph
istica
t
ed
B
o
a
r
d
,
o
r tra
d
iti
o
n
al
p
ri
v
a
t
e
e
qu
ity fi
r
m
to
p
artici
p
a
t
e
.
T
h
ese t
y
p
es
o
f
p
o
t
ential
bu
y
ers a
r
e
u
sed to
m
o
re
f
o
r
m
al
p
r
o
ce
s
s
es
with stru
c
tured
b
i
dd
i
n
g
r
o
und
s, re
as
o
n
a
b
le
d
ead
l
i
n
es
a
n
d a le
v
el
p
l
a
y
i
n
g
field f
o
r all
p
artici
p
a
n
ts.
We
h
a
v
e tal
k
ed
to
m
u
lti
p
l
e
c
o
m
p
a
n
ies
who
h
a
v
e
s
tated
th
a
t t
h
e
y
w
o
u
ld h
a
v
e
p
art
i
ci
p
at
e
d
in a f
o
r
m
al
p
r
o
ce
s
s
had
t
h
e
C
om
p
a
n
y
run
o
n
e.
Mo
r
e
o
v
e
r
,
n
o
w that t
h
e
d
eal with Ra
nd
stad
h
as
b
e
e
n e
x
ecu
t
ed,
p
o
t
enti
a
l
l
y
g
o
i
n
g
“
h
o
s
til
e
”
a
n
d su
b
m
itting
a c
o
m
p
e
t
i
n
g
b
id with
n
o acc
e
ss
t
o
d
ili
g
ence
is
n
o
t s
o
m
e
th
in
g
mo
s
t
pub
lic
c
om
p
a
n
ies,
la
r
g
e
p
rivate
c
o
m
p
a
n
ies
o
r tra
d
iti
o
n
al
p
riva
t
e eq
u
ity
f
und
s are c
o
m
f
o
r
tab
l
e
w
i
th, thereby s
e
v
e
r
ely
l
i
m
iti
n
g
p
o
t
e
n
tial
bid ac
t
i
v
ity
p
o
s
t
t
h
e
e
x
ecut
i
o
n
o
f
t
h
e
m
erger ag
r
e
e
m
en
t
.
As
id
e
fr
o
m
t
h
e
r
u
she
d
, fl
a
w
e
d
nat
u
re
o
f
t
h
e
“
p
r
o
ces
s
”
t
h
e
C
o
m
p
a
n
y
ran,
w
e ta
k
e iss
u
e
with the fact th
a
t the C
o
m
p
a
n
y
was
e
xp
l
o
r
i
n
g
a sale with
o
u
t
e
v
al
u
a
ti
n
g
all
o
ther al
t
ern
a
t
i
v
es
f
o
r re
s
tructu
r
i
n
g
the
bu
si
n
ess. As w
e
’
v
e
sta
t
ed
b
ef
o
re,
we
d
o
n
’
t
b
eli
e
v
e
n
o
w is the ri
g
h
t
t
i
m
e
t
o
sell the C
o
m
p
a
n
y
,
e
specia
l
l
y
with
o
u
t an
e
xha
u
st
i
v
e
e
v
a
l
u
ati
o
n
o
f
o
t
h
er
o
p
t
i
o
n
s
t
o
i
m
p
r
o
v
e
the
bu
si
n
ess, a
n
d
t
h
ere is
n
o
ev
i
d
en
c
e
t
h
e C
o
m
p
a
n
y
w
e
n
t thro
ug
h
t
h
i
s
ty
p
e
o
f
e
v
al
u
at
i
o
n
.
P
o
t
e
n
tial
s
h
o
r
t
-
t
erm
p
ri
c
e
m
o
v
e
m
ents
S
HO
U
L
D
N
OT
b
e a
m
o
t
i
v
ati
n
g
f
a
ct
o
r
f
o
r
a
B
o
ard a
n
d
m
a
n
a
g
e
m
ent
t
e
a
m and it’s clear t
h
at
th
i
s, at least in
p
art,
w
as
dr
i
v
i
n
g
t
h
e C
o
m
p
a
n
y
’s
mo
t
i
v
at
i
o
n
t
o get a
d
eal d
o
n
e
so
qu
ickly
w
ith
R
a
nd
stad.
B
oa
r
d
H
a
s E
nab
l
e
d
T
i
m Y
a
t
e
s
to Pot
en
t
i
a
l
l
y
M
a
ke O
ve
r
$
4
.
9
M
i
l
l
i
o
n
i
f Ra
n
d
st
a
d
De
a
l
C
l
o
s
e
s
Mo
n
s
t
e
r
CEO T
i
m Ya
t
es a
u
t
o
m
atical
l
y
gets
p
aid
o
v
er
$
1
.7
m
ill
i
o
n
i
x
if the Ra
nd
stad
d
eal cl
o
ses
-
e
v
en if he k
e
eps
h
is
j
o
b
-
b
ecau
s
e t
h
e
B
o
ard
f
o
o
lish
l
y
a
warded eq
u
ity a
w
ar
d
s
with si
ng
l
e
-
t
ri
gg
er
ch
ang
e in c
o
n
t
r
o
l
p
r
ov
is
i
o
n
s
t
o e
x
ecut
i
v
es
p
r
i
o
r
t
o
M
arch
o
f
2
0
1
6
a
n
d all
o
w
ed
h
im
t
o
n
e
g
o
tia
t
e
t
h
e
d
ea
l
.
M
r. Y
a
t
e
s
s
t
a
n
d
s
to
m
a
k
e
o
v
er
$4
.
9
m
illi
o
n
x
if the Ra
nd
s
tad
d
eal
is su
c
ce
s
sf
u
l
a
n
d
h
e is
t
er
m
i
n
a
t
ed
“
with
o
u
t
ca
u
s
e
”
o
r
t
e
r
m
i
n
a
t
e
s
“
f
o
r
“
go
o
d
r
e
a
s
o
n
.
”
M
r.
Ya
t
es
o
wns less than
1
%
xi
o
f the Compa
n
y a
n
d
h
as
v
e
r
y
l
i
t
t
l
e
“
skin in t
h
e
g
a
m
e
.”
G
i
v
en the f
a
ct
th
a
t the C
o
m
p
a
n
y
’s
s
t
o
ck
h
as
d
ecli
n
ed
b
y
o
v
er
9
2
%
si
n
ce
h
e fi
r
st
b
ec
a
m
e
i
nv
o
l
v
ed
i
n the
bu
si
n
ess
in
2
0
07
,
a
n
d
ov
er
5
5
%
the la
s
t
1
2
m
o
n
ths
x
ii
,
it se
e
m
s w
h
o
lly
un
f
air to sh
a
re
h
o
l
d
ers
th
a
t
h
e stan
d
s
to
m
a
k
e such a fi
n
a
n
cial
w
i
nd
fa
l
l
f
o
r
“
s
elli
n
g
at
t
h
e b
o
t
t
o
m
.
”
D
espi
t
e
M
r. Y
a
t
es
’
o
b
v
i
o
u
s
c
o
n
fl
i
c
ts
r
e
su
l
ti
n
g
fr
o
m
h
is
g
o
l
d
en
p
ar
a
ch
u
t
e
s
a
n
d lack
o
f su
b
stanti
a
l
o
wne
r
sh
i
p
o
f the
C
o
m
p
a
n
y
,
Mo
n
s
t
er’s
B
o
ard
s
till
al
l
o
w
ed
M
r. Ya
t
es
t
o
r
u
n t
h
e C
o
m
p
a
n
y
’
s
h
a
ph
a
z
ard
sales
“
p
r
o
c
e
ss”
a
n
d
c
o
m
p
l
e
t
e
ly
r
elied
o
n
h
i
m
f
o
r ne
g
o
t
iati
o
n
s
and u
pd
a
t
e
s
.
A SIGNFICANT Upgrade to the
Board - Introduction to MNG’s Nominees
Our
no
m
i
n
e
e
s
h
a
v
e
a
v
e
ry re
l
e
v
a
n
t
a
n
d
d
i
v
er
s
e
s
et
o
f
s
kills
ac
r
o
ss are
a
s
such as fi
n
a
n
c
e
,
sa
l
es
m
a
n
a
g
e
m
ent,
c
o
r
p
o
rate
g
ov
ern
an
c
e,
res
t
r
u
c
tur
i
ng
,
t
e
ch
n
o
l
o
g
y
,
recru
i
t
m
ent
a
dv
ertisi
ng
, a
n
d
o
p
erat
i
o
n
s.
C
o
ll
e
cti
v
el
y
,
t
h
ey
h
a
v
e
:
|
·
|
S
ign
if
i
ca
n
t
pub
lic
b
o
ard
ex
p
erienc
e
:
s
e
r
v
ed
o
n
1
6 p
ub
lic
b
o
ar
d
s
|
|
·
|
D
e
e
p
in
du
st
r
y kn
o
w
l
ed
g
e:
C
o
lle
c
ti
v
el
y
,
1
7
y
ears w
o
r
k
i
n
g
di
r
ec
t
ly in
t
h
e
r
ecrui
t
m
e
n
t
i
ndu
stry
|
|
·
|
H
i
gh
ly
e
x
p
er
i
enced
l
e
a
d
er
s
h
i
p
:
held
C
-l
e
v
el
r
o
les at
2
3
c
o
m
p
a
n
ies
|
|
·
|
P
r
o
v
en
tur
n
ar
o
und
/
r
es
t
r
u
c
tur
in
g
e
xperie
n
c
e:
in
v
o
l
v
ed
in
2
7 tur
n
ar
o
und
s
|
Our
highly qualified candidates include:
Daniel
Dienst
Mr.
Dienst
served as a director and the Chief Executive Officer of Martha Stewart Living Omnimedia Inc., a media and merchandising
company, from 2013-2015, where he led the turnaround of the famous brand and orchestrated its successful sale in 2015 to
Sequential Brands, Inc. for $353 million. Prior to his service at Martha Stewart Living, Mr. Dienst had a distinguished
career in the steel and metals industry, having served
as the Group Chief Executive Officer of Sims Metal Management, Ltd.
from 2008-2013, the world’s largest publicly listed metal and electronics recycler, processing and trading in excess of
15 million tons of metal annually from 270 facilities on five continents. He had previously sold Metal Management, Inc., a
company that he founded and served in the capacity of Chief Executive Officer from 2004-2008, to Sims for $1.7 billion in
2008. Mr. Dienst also served as Chairman of the Board and Acting Chief Executive Officer of Metals USA, Inc., one of the
nation’s largest steel processors, after its reorganization and until its going private sale to an affiliate of Apollo
Management, L.P. in 2004. Mr. Dienst is also experienced in the financial markets, having served as a Managing Director of
Corporate and Leveraged Finance at CIBC World Markets Corp., a diversified global financial services firm, from 2000-2004.
From 1998-2000, he held various positions within CIBC, including Executive Director of the High Yield and Financial
Restructuring Group. Previous to his time at CIBC, he served in various capacities with Jefferies & Company, Inc., a
global investment banking firm. Mr. Dienst also recently served from 2014-2015 as a Director of 1st Dibs, Inc., a
venture-backed e-commerce business owned by Benchmark Capital, Spark Capital, Index Ventures and Insight Venture Partners.
Mr. Dienst holds a B.A. from Washington University in St. Louis. and a J.D. from Brooklyn Law School.
M
r.
D
i
enst’s
qu
al
i
ficat
i
o
n
s
as a
d
irec
t
o
r
i
n
cl
ud
e
h
is
e
x
ecut
i
v
e
e
x
p
er
i
ence
a
s a CEO a
n
d
d
ire
c
t
o
r
o
f 4
pub
lic c
o
m
p
a
n
ies,
h
is
e
xpertise in tur
n
a
r
o
und
s,
sp
e
cial situ
a
t
i
o
n
s
a
n
d c
o
r
p
o
r
ate
t
ra
n
sact
i
o
n
s
a
n
d
h
i
s
e
x
p
erien
c
e
in
t
h
e
m
ed
i
a
se
ct
o
r.
Jo
s
ep
h
A
n
to
M
r.
A
n
t
o is cu
r
rent
l
y
a S
e
n
i
o
r
V
i
c
e
P
resi
d
e
n
t
at
M
e
d
ia
N
e
w
s
Gr
o
up
, I
n
c.
(d/
b
/
a
D
i
g
ital
F
i
r
s
t
M
ed
i
a),
t
h
e se
co
n
d
la
rg
e
s
t
n
e
w
sp
a
p
er
c
o
m
p
a
n
y
in the U.
S
.
b
y
c
irc
u
lati
o
n
,
w
h
ere
h
e
h
as
s
er
v
ed si
n
c
e
2
0
1
3
.
F
ro
m
2
0
14
-
2
0
15
,
h
e was
V
i
ce
P
r
eside
n
t
o
f B
u
si
n
ess
D
e
v
e
l
op
m
ent
f
o
r
M
ed
i
a
N
e
w
s
Gr
o
u
p a
n
d
also CEO at
J
o
b
s
in the U
S
, a su
b
si
d
ia
r
y
o
f
M
ed
i
a
N
e
ws
w
i
th reg
i
o
n
al
l
y
f
o
cused
j
o
b
bo
ard sit
e
s in
N
ew
En
g
la
nd
. F
ro
m
2
0
13
-
2
0
1
4
h
e was
M
a
n
a
g
i
n
g
D
irec
t
o
r
at
D
i
g
ital F
i
rst
Ve
n
ture
s
, the stra
t
egic
i
n
v
e
s
ti
n
g
d
ivisi
o
n
o
f
M
ed
i
a
N
e
ws
Gr
o
up
. In
2
00
9
h
e co-
f
o
und
ed
RumbaT
i
m
e,
L
L
C,
a fas
h
i
o
n
b
ra
n
d
f
o
cused
o
n ti
m
ep
i
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c
es
a
n
d acc
e
s
s
o
ries
a
n
d s
e
r
v
ed
as
th
e C
o
m
p
a
n
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’
s
C
E
O
un
til
2
0
12
.
F
r
o
m
2
00
6
-
2
0
0
9
M
r.
A
n
to
w
a
s a Se
n
i
o
r
A
n
aly
s
t a
n
d
D
irec
t
o
r
o
f I
n
v
e
s
t
m
e
n
ts
at
H
ar
b
i
ng
er
Ca
p
ital
P
a
r
tners,
a
m
u
lt
i
-s
t
rate
g
y
i
nv
es
t
m
ent
fi
r
m
, whe
r
e
h
e
m
a
n
a
g
ed
o
n
e
o
f
the la
r
g
est
m
ercha
n
t
p
o
w
er
i
n
v
e
st
m
ent
p
o
r
tf
o
l
i
o
s
in the se
c
t
o
r,
ac
c
o
un
ti
n
g
f
o
r a
pp
r
o
xi
m
at
e
l
y
3
0
%
o
f
the F
u
nd’
s asse
t
s
a
n
d c
o
m
p
l
et
ed
M
&A a
n
d
d
ebt
fi
n
a
n
ci
n
g
tra
n
sact
i
o
n
s
t
o
tali
n
g
o
v
er
$
4
bi
l
l
i
o
n
in
v
al
u
e.
P
r
i
o
r
to his t
i
m
e at
H
ar
b
i
ng
er,
M
r. A
n
to
w
as
an as
s
o
cia
t
e
at A
B
S Ca
p
ital
P
art
n
er
s
,
a late
r
-
s
tage
v
entu
r
e
ca
p
i
t
al fi
r
m
,
a
n
d an a
n
a
l
y
st
a
t F
i
rst U
n
i
o
n
Secu
r
it
i
es in their t
e
chn
o
l
o
g
y
i
nv
es
t
m
e
n
t
b
a
n
ki
n
g
g
r
o
up
.
H
e is cu
r
r
e
n
tly
o
n the
b
oard
a
t
C
I
P
S
M
ark
e
ti
n
g
G
r
o
up
,
I
n
c. a
n
d
h
e
h
as
p
r
e
v
i
o
u
s
l
y
s
er
v
ed
o
n
the
b
o
ar
d
s
o
f
K
el
s
o
n
Ener
g
y I
n
c., K
e
l
s
o
n
Ca
n
a
d
a a
n
d
Rumbati
me
.
H
e
h
as
a BBA fr
o
m
E
m
o
r
y
U
n
iv
e
rsi
t
y
and an
M
BA f
r
o
m
C
o
l
u
m
b
ia
Un
iv
ersit
y
.
M
r.
A
n
t
o
’
s
qu
al
i
ficat
i
o
n
s
as a
d
ire
c
t
o
r
i
n
cl
ud
e
h
is
e
x
p
e
rtise
a
s a
p
re
v
i
o
u
s
CEO
o
f a j
o
b
b
o
ard
bu
si
n
e
ss,
h
is e
x
ecut
i
v
e
e
xperie
n
c
e,
p
art
i
cu
l
ar
l
y
in the
m
ed
i
a i
ndu
str
y
,
a
n
d
h
is e
x
p
ertise
in tur
n
ar
o
und
s
a
n
d c
o
r
p
o
ra
t
e
tra
n
sact
i
o
n
s.
Eth
a
n
Bl
oo
m
f
i
e
l
d
Mr.
Bloomfield is currently the CEO of vitalfew, inc, a consulting and advisory business which he founded in 2015. He also serves
on the Board of governors for TaTech, a leading industry association which enables the interaction of companies in the
recruitment technology space. He has been a member since 2006 and on the board of governors since the first board was elected
by the membership.
In 2016, he co-founded and is also the current CRO of ConversationDriver, a company that utilizes software to help organizations
improve efficiencies in sales outreach. From 2012-2015,
he served as the Senior Vice President of Sales and Business Development
at recruitment technology company, ZipRecruiter, which he joined in 2012 as the 20th employee and the first in sales. In his role
at ZipRecruiter he developed the entire sales organization, which he grew from concept to over 120 reps when he left the company.
Previously he was Vice President of Business Development at JobTarget, a company that provides technology to organizations that
want to offer their own web-based job boards to their members. While at JobTarget, he was instrumental in launching innovative
new products and also led the acquisition of two companies. Mr. Bloomfield holds a B.A. from the University of Massachusetts, Amherst.
M
r.
Bl
o
o
m
fiel
d’
s
qu
al
i
ficat
i
o
n
s
as a
d
i
r
ec
to
r
i
n
cl
ud
e
h
i
s
e
x
p
e
r
tise
in r
e
cr
u
i
t
m
ent
t
ech
n
o
l
o
g
ies,
d
e
v
e
l
o
p
ed
o
v
er a care
e
r
sp
ann
i
n
g
m
o
re
than t
w
e
l
v
e
y
ears in the sp
a
ce.
H
e
is widely r
e
c
o
g
n
i
z
ed
as a th
o
ugh
t lea
d
er
in the s
e
c
t
o
r
a
nd
, in a
dd
it
i
o
n
t
o a
d
v
i
si
n
g
o
r
h
a
v
i
n
g
a
d
v
ised a
l
m
o
st
th
i
rty
c
om
p
a
n
ies
in the i
ndu
str
y
,
h
e
i
s a freq
u
ent s
p
eak
e
r
at in
du
s
try
c
o
n
fe
r
ences
and
e
v
ent
s
.
H
ea
th
Fr
ee
man
M
r.
F
r
e
e
m
an
is the
P
resi
d
ent, a Fo
und
i
n
g
M
e
m
b
er,
a
n
d
D
irector
o
f
A
ld
en Gl
o
b
al
Ca
p
ital,
LL
C, a
N
ew
Y
o
rk-
b
a
s
ed
i
n
v
e
s
t
m
ent
fi
r
m
f
o
cused
o
n
d
e
e
p
v
al
u
e,
cata
l
y
s
t
d
ri
v
en
i
n
v
e
s
ti
ng
.
H
e
h
as
b
e
e
n
with the fi
r
m si
n
ce its f
o
und
i
n
g
in
2007
, a
n
d
h
as
b
e
e
n
its
P
resi
d
ent si
n
ce
2
0
14
.
M
r.
F
r
e
e
m
an
cu
r
rently se
r
v
es
as V
i
ce C
h
ai
r
m
an
o
f
M
ed
i
a
N
e
ws
G
r
o
up
,
I
n
c. (
d
/
b
/
a
D
i
g
i
tal
F
i
r
st
M
ed
i
a),
the se
c
o
n
d
la
r
g
est
n
e
w
sp
ap
er
bu
si
n
ess
in the U
n
i
t
e
d
S
t
at
e
s
b
y
ci
r
cu
l
ati
o
n
with
o
v
er
$
1
b
illi
o
n
o
f
a
nnu
al r
e
v
en
u
e,
o
wn
i
n
g
n
e
w
sp
ap
ers
such
a
s The
D
en
v
er
P
o
st,
S
a
n
Jo
se
M
ercu
r
y
N
e
ws
a
n
d
O
ra
ng
e
C
o
un
t
y
Regis
t
er.
H
e al
s
o
s
er
v
es
o
n
the c
o
m
p
ensat
i
o
n
c
o
m
m
i
t
t
e
e
a
n
d lea
d
s the stra
t
egic
r
e
v
iew c
om
m
it
t
ee
f
o
r
M
N
G
a
n
d
h
as ser
v
ed
o
n
i
t
s
b
o
ard
si
n
ce
2
0
11
.
M
r.
F
r
e
e
m
an
is a
c
o
-f
o
und
er
a
n
d
s
er
v
e
s
o
n
the
b
o
ard
o
f
SLT Gr
o
up
, I
n
c.
(d/
b
/
a S
L
T)
a
p
rivate fit
n
e
ss
bu
si
n
ess
b
ased
o
u
t
o
f
N
e
w
Y
o
rk
a
n
d start
e
d in
2
0
11
,
which rec
e
n
t
l
y
t
o
o
k in a la
rg
e
g
r
o
w
t
h
in
v
e
s
t
m
ent
f
r
o
m
N
o
rth
Ca
s
tle
P
art
n
ers,
a
p
ri
v
ate eq
u
i
t
y
fi
r
m
f
o
cused
o
n
the
h
ealth a
n
d
w
e
ll
n
e
ss
sp
a
ce.
M
r.
F
r
e
e
m
an
also
c
o-f
o
und
ed
Ci
t
y
o
f
S
a
i
n
ts
C
o
ffee
R
o
as
t
ers
in
2
0
1
3
,
a th
i
rd wa
v
e
c
o
f
f
ee
r
o
as
t
e
r
,
wh
o
le
s
aler
a
n
d
r
e
t
ai
l
er
b
a
sed
o
u
t
o
f
Br
o
o
k
l
y
n
,
N
Y.
P
r
i
o
r
t
o
A
ld
en, f
r
o
m
2
00
6
-
20
07
,
M
r.
F
r
ee
m
an
w
o
r
k
ed
as an I
n
v
es
t
m
e
n
t
A
n
alyst at
N
ew
Y
o
rk-
b
a
se
d
Smith
M
a
n
a
g
e
m
ent,
a
p
rivate i
nv
es
t
m
e
n
t
fi
r
m
.
P
rior
t
o
th
a
t, f
r
o
m
2
0
0
3
-
2
0
06
,
M
r.
F
r
e
e
m
an
was
a
n i
n
v
es
tm
ent
b
a
n
ki
n
g
a
n
a
l
y
st
a
t
P
e
t
er
J
.
S
o
l
o
m
o
n
C
o
m
p
a
n
y
,
a
b
o
u
ti
qu
e
in
v
es
t
m
ent
b
a
n
k,
w
o
rki
n
g
o
n
m
erg
e
rs
a
n
d ac
qu
isit
i
on
s,
res
t
r
u
c
tur
ing
s
a
n
d refi
n
a
n
ci
n
g
assi
gnm
ents. He
h
as
p
r
e
v
i
o
u
sly
se
r
v
ed
o
n
the
b
o
ar
d
s
at The
P
h
ila
d
el
ph
ia
M
ed
i
a
N
e
t
wo
r
k
a
n
d The
J
o
u
r
n
al
Regis
t
er
C
om
p
a
n
y
,
a
m
o
n
g
o
thers.
C
u
rre
n
tl
y
,
M
r.
F
r
ee
m
an
al
s
o ser
v
es
a
s
C
h
ai
r
m
an
o
f
the A
d
v
i
s
o
r
y
B
o
ard
f
o
r
J
e
w
ish
L
ife
at
D
u
k
e
U
n
i
v
ers
i
t
y
’
s
F
r
e
e
m
an
Center a
n
d
h
e
a
lso
g
ra
du
a
t
ed
w
i
th a BA fr
o
m
D
u
ke
Un
i
v
ers
i
t
y
.
M
r.
F
r
e
e
m
a
n
’s
qu
al
i
ficati
o
n
s
as a
d
irect
o
r i
n
cl
ud
e
h
is e
x
p
erience
as an i
n
v
e
s
t
o
r
,
i
n
v
e
s
t
m
ent
b
a
n
k
e
r
a
n
d
b
o
ard
m
e
m
b
er
o
f
m
u
lti
p
le
c
om
p
a
n
ies
with e
x
p
ert
i
se
in fi
n
a
n
ce, c
om
p
ens
a
ti
o
n
,
tur
n
ar
o
und
s,
c
o
r
p
o
ra
t
e
tra
n
sact
i
o
n
s
and sig
n
if
i
ca
n
t
ly
i
m
p
r
o
v
i
n
g
v
al
u
e at u
nd
e
r
p
erf
o
r
m
i
n
g
c
om
p
a
n
i
e
s.
Kevin
Gregson
Mr.
Gregson has served as the Americas Leader for the Insurance Industry for Willis Towers Watson plc since 2013. Prior to his
role at Willis Towers Watson, Mr. Gregson was a Managing Director at Alvarez and Marsal Holdings, LLC, a financial advisory
services company focused primarily on the financial services industry, from 2010-2013. Mr. Gregson has over thirty years of
experience in developing and implementing business solutions for global organizations. Prior to joining Alvarez and Marsal,
Mr. Gregson served as founder and president of Bridge Pointe, LLC, a Bermuda-based insurance and reinsurance company and
advisory services firm that provides innovative insurance solutions for insurers and corporate sponsors. Previously, he was a
co-founder and principal of the Gregson Group, a business advisory firm helping companies align business strategies
with
organizational and human
capital strategies. He is currently a director at Fidelity & Guaranty Life, a provider of life insurance and annuity products,
where he serves on the audit, compensation and related party transactions committee. Mr. Gregson holds a B.A. from the University
of Delaware and has attended the Executive Finance Program at the University of Michigan.
Mr.
Gregson’s qualifications as a director include his experience advising companies on complex business and financial issues
for thirty years, and his expertise in corporate governance, strategy, and financial/operational performance improvement.
L
o
w
e
l
l
R
ob
i
n
s
o
n
M
r.
R
o
b
i
n
s
o
n
is a
h
i
gh
ly reg
a
r
d
ed
fi
n
a
n
cial a
n
d
o
p
e
rati
n
g
e
x
ecut
i
v
e
with th
i
r
t
y
y
ea
r
s
o
f
sen
i
o
r
-l
e
v
el
strat
e
g
ic, fi
n
a
n
cial,
g
o
v
er
n
a
n
ce,
tur
n
ar
o
un
d
a
n
d
M
&
A
e
x
p
erience.
H
e
h
as
also
b
e
e
n
o
n
se
v
en
pub
lic c
o
m
p
a
n
y
b
o
ar
d
s
,
a
n
d
h
as e
x
p
eri
e
n
c
e
se
r
v
i
n
g
as C
h
ai
r
m
an
o
f
the
b
o
ard as w
e
ll
a
s
C
h
ai
r
m
an
o
f
a
ud
it a
n
d
c
o
m
p
ensat
i
o
n
c
om
m
it
t
e
e
s.
F
r
o
m
2
0
0
6
-
2
0
0
9
,
M
r.
R
o
b
i
n
s
o
n
w
a
s C
h
ief
F
in
a
n
cial
Offic
e
r a
n
d
C
h
ief Operati
n
g
Off
i
cer
f
o
r
M
i
v
a,
I
n
c., a
d
i
g
ital
m
a
r
k
e
t
i
n
g
c
o
m
p
a
n
y
,
a
n
d was
i
n
strumen
t
al
in
M
iva
’
s
tur
n
ar
o
un
d
a
n
d su
b
seq
u
e
n
t
sale.
H
e was
p
r
e
v
i
o
u
sly
S
en
i
o
r
Ex
e
c
u
ti
v
e
V
i
c
e
P
resi
d
ent
a
n
d C
h
ief
F
in
a
n
cial
Officer
o
f
Ho
tJ
o
b
s.
c
o
m
,
an
o
n
li
n
e
j
o
b
b
o
ar
d
,
w
h
e
re
h
e
was res
p
o
n
si
b
le
f
o
r
all fi
n
a
n
ce
a
n
d a
d
m
i
n
istr
a
ti
v
e
f
un
cti
o
n
s
at the
c
om
p
a
n
y
.
A
f
t
e
r
b
ri
ng
i
n
g
the c
om
p
a
n
y
to
p
r
o
fi
t
a
b
ility
a
y
e
a
r
a
h
ead
o
f
e
x
p
ec
t
a
ti
o
n
,
H
o
tJ
o
b
s
was s
o
ld
t
o
Ya
h
o
o
!
f
o
r
$
5
0
0
m
illi
o
n
,
r
epre
s
enti
n
g
a
7
5
%
p
r
e
m
ium
t
o
m
ar
k
e
t
.
P
rior
t
o
j
o
i
n
i
n
g
H
o
tJ
o
b
s,
M
r.
R
o
b
i
n
s
o
n
w
as
Ex
e
cut
i
v
e
V
i
ce
P
resi
d
e
n
t
a
n
d C
h
ief
F
in
a
n
cial
Officer f
o
r
P
RT
G
r
o
up
,
a s
o
f
t
ware
a
n
d IT ser
v
i
c
es
c
o
m
p
a
n
y
,
wh
e
re
h
e
ra
i
sed
$
6
2
m
ill
i
o
n
in its i
n
itial
pub
lic
o
fferi
ng
.
In
19
9
4
,
M
r
.
R
o
b
i
n
s
o
n
w
as
r
e
cr
u
ited
by the C
E
O a
n
d
W
ar
bu
rg
P
i
n
cus
to s
e
r
v
e
as
t
h
e
C
h
ief Fi
n
a
n
cial
Off
i
cer
o
f
Val
a
ss
i
s
C
o
mm
un
ic
a
ti
o
n
s,
I
n
c. (
f
/
k
/
a
A
dv
o
,
I
n
c.), a Fo
r
tu
n
e
50
0
c
o
m
p
a
n
y
a
n
d the
l
ar
g
est
d
irect
m
a
r
k
e
ti
n
g
c
o
m
p
a
n
y
o
n
the
N
ew Y
o
rk
St
o
ck
E
xcha
ng
e
with
$
2
b
illi
o
n
in
r
e
v
en
u
es.
O
v
er
a th
r
ee-
y
ear
p
er
i
o
d
,
sh
a
rehol
d
er
v
al
u
e
i
n
crea
se
d
3
0
0
%
du
e
t
o
o
p
er
a
ti
o
n
al
i
n
itiativ
e
s
which
h
e le
d
,
in ad
d
iti
o
n
t
o
p
a
y
i
n
g
o
u
t
a
o
n
e
-t
i
m
e
$
1
0
sp
e
cial
d
ivi
d
en
d
.
P
r
e
v
i
o
u
s
l
y
,
M
r.
R
o
b
ins
o
n
h
eld
sen
i
o
r
fi
n
a
n
cial
p
o
sit
i
o
n
s
with C
i
tigr
o
up
,
M
ars,
I
n
c. a
n
d
Kraft Fo
o
d
s
Gr
o
up
,
I
n
c.
H
e
is cu
r
rently
o
n
t
h
e
b
o
ard
at EVI
N
E
L
ive
I
n
c., a
n
d
h
as
p
re
v
i
o
u
sly
ser
v
ed
o
n
the
b
o
ard
o
f
The
J
o
n
es
Gr
o
up
,
I
n
c., where
h
e
ch
a
ired the
a
ud
it
a
n
d c
om
p
ensat
i
o
n
c
o
mm
i
t
t
e
es,
in a
dd
iti
o
n
t
o
h
a
v
i
n
g
ser
v
ed
o
n
the
b
o
a
r
d
s
o
f
five
o
ther
pub
lic
c
o
mp
a
n
ies
o
v
er
the
c
o
u
r
s
e
o
f
h
is
car
e
er.
Mr
.
R
o
b
i
n
s
o
n
h
o
l
d
s
a B.
A
. f
r
o
m
The U
n
i
v
ersi
t
y
o
f
Wis
c
o
n
sin
a
n
d
a
n
M
.B
.
A.
in fi
n
a
n
c
e
f
r
o
m
H
arvard
B
u
si
n
ess
Sch
o
o
l.
M
r.
R
o
b
i
n
s
o
n’
s
qu
al
i
ficat
i
o
n
s
as a
d
i
r
ec
t
o
r
i
n
cl
u
d
e
h
is
C
-
l
e
v
el
e
x
e
c
u
ti
v
e
e
x
p
erien
c
e
a
t
m
u
lti
p
le
c
o
m
p
a
n
ies,
h
is
e
xperie
n
c
e
ser
v
i
n
g
o
n
the
b
o
ar
d
s
o
f s
e
v
en
pub
lic c
o
m
p
a
n
ies
a
n
d
h
is e
x
p
e
r
tise
in fi
n
a
n
c
e
,
c
o
r
p
o
r
ate
g
o
v
ern
an
c
e
,
t
u
r
n
ar
o
und
s
and c
o
r
p
o
ra
t
e
t
r
a
n
sacti
o
n
s.
Gr
e
g
o
r
y
S
l
a
y
t
o
n
The
Hon. Gregory Slayton has served as the Managing Director of Slayton Capital, an international venture capital firm that has
been an early investor in some of the most successful companies in Silicon Valley history, since 2002. He was an early
investor in Google and Salesforce.com and served on the advisory boards of both companies. From 2005-2009, Mr. Slayton was
the United States Chief of Mission (defacto Ambassador) to Bermuda, serving under both the Bush and Obama Administrations.
From 2000-2002, he served as Chief Executive Officer of ClickAction Inc., an email marketing services company that was
acquired by InfoUSA Inc., and prior to this, he was Chief Executive Officer and Chairman of MySoftware, which merged with
ClickAction in 2000. He has also served as Distinguished Visiting Professor at Peking University and as a visiting professor
at UIBE Business School, Beijing & Szechuan University, Dartmouth College, Harvard University and the
Stanford Graduate
School of Business. Mr. Slayton has been featured in the Wall Street Journal, Time and three Harvard Business School case
studies. He has lived and worked extensively in Asia, Africa, Europe and Latin America, and was a Fulbright Scholar at the
University of the Philippines, where he completed a Masters in Asian Studies with honors. Mr. Slayton holds a B.A. from
Dartmouth College and an M.B.A. from Harvard Business School, having graduated from both institutions with honors.
Mr. S
l
ay
t
o
n’
s
qu
al
i
ficat
i
o
n
s
as a
d
ir
e
ctor i
n
cl
ud
e
h
is
e
xperie
n
ce
as an i
n
v
e
s
t
o
r
in t
e
ch
n
o
l
o
g
y
c
om
p
a
n
i
e
s,
h
is e
x
e
cuti
v
e
e
xperie
n
c
e
a
s CEO
o
f
m
u
lti
p
le
c
om
p
a
n
ies,
h
is e
x
p
erie
n
ce
s
er
v
i
n
g
o
n t
h
e
bo
ar
d
s
o
f
f
o
u
r
pub
lic c
o
m
p
a
n
ies
and his
e
xpertise in t
e
ch
n
o
l
o
g
y
,
o
p
e
rati
o
n
s
and in
t
ern
a
t
i
o
n
al
m
arke
t
s.
MNG’s
Strategy will Benefit ALL Shareholders
As sh
a
rehol
d
ers,
we
d
o
n
’t
h
a
v
e
t
o
se
t
tle
f
o
r
the
“
fi
r
e
-
sale”
Ra
nd
s
tad
d
eal
that
w
as
b
r
o
ugh
t
to
u
s
b
y the cu
r
rent
B
o
ard
o
r
the
po
o
r
p
erf
o
r
m
a
n
ce
o
f the
C
o
m
p
a
n
y
that
h
a
s t
a
k
e
n
p
la
c
e
u
nd
er
its wa
t
ch. S
i
m
p
ly
pu
t, we e
x
p
ect
mo
r
e fr
o
m
the
bo
ard
m
e
m
b
e
r
s
we entr
u
st with c
r
ea
t
i
n
g
v
a
l
u
e
at the c
o
m
p
a
n
i
e
s
w
e i
n
v
est
in a
n
d
w
e th
in
k
o
th
e
r sha
r
eh
o
l
d
ers
sh
o
u
ld
e
xp
e
ct
m
o
re as
w
ell.
The
r
e is a
b
e
t
t
e
r
p
a
th f
o
r
ward
f
o
r
Mo
n
s
t
e
r
a
n
d we
a
re
c
o
n
fi
d
ent
that the
p
lan
w
e
’
v
e
la
i
d
o
u
t
a
n
d the
b
o
ard
ca
nd
i
d
at
e
s
w
e are
p
re
s
enti
n
g
rep
r
es
e
n
t
t
h
e
b
est
po
ssi
b
l
e
altern
a
t
i
v
e
t
o
d
eli
v
er
s
u
b
stantial
v
al
u
e
t
o sh
a
re
h
o
l
d
er
s
.
We en
c
o
u
ra
g
e
all sh
a
rehol
d
ers
t
o
v
is
i
t
o
u
r
w
e
b
sit
e
,
re
v
i
tali
z
e
mo
n
s
t
e
r
.c
o
m
,
to le
a
rn
m
o
re
a
b
o
u
t
o
u
r
no
m
i
n
e
e
s
a
n
d
o
u
r
strat
e
g
ic pl
a
n
t
o r
e
v
ital
iz
e
t
h
e C
o
m
p
a
n
y
.
If
yo
u
h
a
v
e a
n
y
qu
es
t
i
o
n
s
,
p
lease
c
o
n
tact
Okapi
P
a
r
t
n
ers
LL
C
a
t
i
n
f
o
@
o
kap
ip
a
r
tners.c
o
m
o
r
2
12
-
2
9
7
-
0
7
20
.
S
in
cer
e
ly,
M
ed
i
a
N
e
ws
G
r
o
up
,
I
n
c.
Ab
o
u
t
Med
i
a
N
ew
s
G
r
oup
,
I
nc
.
M
ed
i
a
N
e
ws
Gr
o
up
, I
n
c.
(d/
b
/
a
D
i
g
ital
F
i
rst
M
ed
i
a)
is a lea
d
er in l
o
cal,
m
u
lti
p
latf
o
r
m
n
e
w
s a
n
d
i
n
f
o
r
m
a
ti
o
n
,
d
isti
ngu
is
h
ed
b
y its
o
ri
g
i
n
al
c
o
n
t
e
n
t
a
n
d
h
i
g
h
q
u
al
i
t
y
,
d
iv
e
rsi
f
ied
p
o
rt
f
o
lio
o
f
l
o
cal
m
ed
i
a asse
t
s.
D
i
g
ital F
i
rst
M
ed
i
a
i
s
the se
co
n
d la
rg
est
n
e
ws
p
a
p
er
c
o
m
p
a
n
y
in the U
n
it
e
d States
b
y
c
i
rc
u
lati
o
n
,
ser
v
i
n
g an a
ud
ie
n
ce
o
f
o
v
e
r
4
0
m
ill
i
o
n
rea
d
ers
o
n a
m
o
n
th
l
y
b
asis. The C
o
m
p
a
ny’
s
p
o
rtf
o
l
i
o
o
f
p
r
o
du
ct
s
i
n
cl
ud
es
6
7
d
ai
l
y
n
e
w
sp
ap
e
rs
a
n
d
1
8
0
n
on
-
d
ai
l
y
pub
licati
o
n
s.
D
i
g
ital F
i
r
s
t
M
ed
i
a
h
as
a l
e
a
d
i
n
g
l
o
cal
n
e
w
s
a
ud
ie
n
ce sh
a
re
in each
o
f its
p
rima
r
y
m
ar
k
e
t
s
a
n
d i
t
s c
o
n
t
e
n
t
m
o
n
e
t
i
z
at
i
o
n
p
latf
o
r
m
s
se
r
v
e cl
i
ents
o
n
b
o
th
a nat
i
o
n
al
a
n
d
l
o
cal
s
c
ale.
I
n
v
es
t
o
r
C
o
n
ta
c
t:
J
o
e
A
n
t
o
M
ed
i
a
N
e
ws
G
r
o
u
p
2
1
2
-
6
34
-
9
6
4
2
M
ic
h
ael
F
ein &
J
o
n
Ei
n
si
d
l
e
r
Okapi
P
art
n
ers
2
1
2
-
2
97
-
0
7
2
0
i
n
f
o
@o
k
a
p
i
p
art
n
ers.
c
o
m
Med
i
a
C
o
n
ta
c
t:
A
l
e
x
a
nd
ra
G
a
m
b
ale
P
ep
p
er
c
om
m
2
1
2
-
9
31
-
6
1
7
0
M
ed
i
a
N
e
ws
Gr
o
up
, I
n
c.,
Jo
seph A
n
t
o
,
Et
h
an Bl
o
om
f
i
e
l
d
,
D
a
n
iel
D
ie
n
st,
H
e
a
th F
r
e
e
m
a
n
,
K
e
v
in Gregs
o
n
,
L
o
w
e
ll
R
o
b
i
n
s
o
n
a
n
d Gre
g
o
ry
S
l
a
y
t
o
n
(c
o
l
l
ec
t
i
v
e
ly
,
t
h
e
“
P
artici
p
a
n
t
s
”
)
h
a
v
e
fi
l
e
d with the Secu
r
i
ties
a
n
d Ex
c
h
a
ng
e
C
o
m
m
iss
i
o
n
(t
h
e
“
SE
C
”
)
a
d
efi
n
i
ti
v
e
c
o
n
s
ent
sta
t
e
m
ent a
n
d
ac
c
omp
a
n
y
i
n
g
f
o
rm
o
f
c
o
n
se
n
t
card to
b
e
u
sed in c
o
nn
e
cti
o
n
with t
h
e s
o
lici
t
ati
o
n
o
f c
o
n
se
n
ts
fr
o
m the s
t
o
ck
h
o
l
d
ers
o
f
Mo
n
s
t
e
r
W
o
rl
d
wi
d
e,
I
n
c. (t
h
e
“
C
o
m
p
a
n
y
”
).
A
l
l
s
t
o
ck
h
o
l
d
ers
o
f the
C
o
m
p
a
n
y
are a
d
v
i
s
ed
to
r
ead the
d
efi
n
it
i
v
e
c
o
n
sent
s
tat
e
m
ent
a
n
d
o
t
h
er
d
o
cu
m
ents
re
l
at
e
d
t
o
the s
o
lic
i
tat
i
o
n
o
f
c
o
n
sen
t
s
b
y the
P
a
r
tici
p
a
n
ts
a
s they
c
o
n
tain
i
m
p
o
r
tant
i
n
f
o
r
m
ati
o
n
,
incl
ud
i
n
g a
dd
iti
o
n
al
i
n
f
o
r
m
at
i
o
n
rel
a
t
e
d
t
o
the
P
art
i
ci
p
a
n
ts.
T
h
e c
o
n
sent
s
tat
e
m
ent
a
n
d an acc
o
m
p
a
n
y
i
n
g
c
o
n
sent
ca
r
d will
b
e f
u
r
n
is
h
ed
to s
o
m
e
o
r
all
o
f the
C
o
m
p
a
n
y
’
s
st
o
c
kh
o
l
d
e
r
s
a
n
d will
b
e, alo
n
g
w
i
th
o
ther rel
e
v
a
n
t
d
o
c
u
m
ent
s
,
a
v
ai
l
a
b
le
at
n
o ch
a
r
g
e
o
n the S
E
C w
e
b
site
at
h
t
t
p:
/
/
w
w
w.se
c
.
g
o
v
/
o
r f
r
o
m
Okapi
P
ar
t
n
e
rs
at
(
8
5
5
)
3
0
5
-
08
5
6
o
r i
n
f
o
@o
k
a
p
i
p
art
n
e
r
s.c
o
m
.
I
n
f
o
r
m
a
ti
o
n
a
b
o
u
t
t
h
e
P
a
rtici
p
a
n
ts
a
n
d a
d
es
c
ri
p
ti
o
n
o
f their
d
irect
o
r
i
nd
ir
e
ct i
n
t
e
res
t
s
b
y se
c
u
ri
t
y
h
o
l
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1
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fi
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o
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ent
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h
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y c
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(
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ents,
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t
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h
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w
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b
e a
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ai
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le
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IN TH
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P
ON
P
RESE
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OR E
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ECTAT
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R
WA
R
D
L
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A
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D THEIR I
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PL
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OT GU
A
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N
D
M
AY
N
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T
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CCUR
AS A RES
U
L
T
O
F
V
A
RIOUS RI
S
KS, REA
S
O
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A
N
D U
N
CERTA
IN
TIES,
I
N
C
L
U
D
I
N
G
U
N
C
E
RTAI
N
TY
AS TO WHETHER THE CO
N
D
ITIO
N
S
T
O THE TE
N
D
ER
OF
F
ER WI
L
L BE S
A
T
I
S
F
IE
D
,
THE
N
U
M
BER
OF S
H
ARES OF
M
O
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ST
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CO
M
M
ON ST
O
CK
TH
A
T W
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BE TE
ND
ER
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D A
N
D
W
H
ET
H
ER THE TE
N
D
ER
OF
F
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R WILL BE C
OM
M
E
N
C
E
D
OR CO
N
S
U
MM
A
TE
D
.
E
X
C
E
P
T
AS RE
Q
UIR
E
D BY
L
A
W
,
M
N
G A
N
D
ITS OWNERS A
N
D R
E
L
AT
E
D
P
ERSO
N
S U
N
D
ER
T
A
KE
N
O O
B
L
IG
A
T
I
ON
TO U
P
D
ATE A
N
Y
F
O
R
WARD
L
O
OKI
N
G
S
TAT
EM
E
N
T,
WHETH
E
R AS A RESULT OF
N
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W
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FO
R
M
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TIO
N
,
FUT
U
RE
D
EV
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L
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PM
E
N
TS
OR
O
THE
R
WI
S
E.
N
ote:
un
l
e
s
s
cit
e
d
b
e
l
o
w,
M
o
n
s
ter
h
i
s
t
o
rical
f
i
n
a
n
cials
a
n
d
d
a
t
a
p
oi
n
ts r
efe
r
e
n
c
e
d
in t
h
is l
e
t
t
e
r
a
re
f
r
o
m
t
h
e
Co
m
p
a
ny’
s
S
E
C
f
ili
n
g
s
a
n
d
p
r
e
s
s
r
e
l
e
a
s
e
s
i According to
previous conversations with Monster Investor Relations. Based on our understanding, this includes inside sales, outside sales,
management and sales/customer support
ii http://www.monster.com/about/our-locations
iii S&P Capital
IQ
iv 2016 Proxy Peer
Group includes: IAC/InterActiveCorp; LinkedIn Corporation; Earthlink Holdings Corp.; VeriSign,
Inc.;
Shutterfly, Inc.; Pandora Media, Inc.; j2 Global, Inc.; Pegasystems Inc.; Blucora, Inc.; WebMD Health Corp.; NetSuite, Inc.; Web.com
Group, Inc.; and DHI Group, Inc. Excludes three companies that are no longer standalone public companies since they have been acquired;
Calculation of Cumulative Total Shareholder Return assumes dividends are reinvested
v Company’s
Consent Revocation Statement, filed on Schedule 14A on October 18, 2016
vi Based on stock
price of $44.72 on June 8, 2007
vii For instance,
Monster made statements in a press release filed on Schedule 14D-9/A on September 30, 2016,
claiming, “Monster’s
Board recognized that enhancing Monster’s competitive position in the current environment will require continued investment,
and the Company will likely operate in a low growth environment with substantial margin pressure for several years.” Several
days later, Monster wrote in a shareholder presentation filed on Schedule 14A on October 4, 2016 (the “October 4 DEFA14A),
“If the Randstad transaction does not close, Monster’s stock price could trade down to or below the pre-announcement
price.”
viii S&P Capital
IQ
ix Company’s
Solicitation/Recommendation Statement, filed on Schedule 14D-9 on September 6, 2016
x Company’s
Solicitation/Recommendation Statement, filed on Schedule 14D-9 on September 6, 2016
xi Company’s
Consent Revocation Statement, filed on Schedule 14A on October 18, 2016
xii Based on Monster
stock price on October 15, 2015 of $7.60
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