Yahoo makes offer for HotJobs

Yahoo said Wednesday that it has offered to acquire job site HotJobs.com for about $436 million in cash and stock.

Under the proposed deal, Yahoo would pay $10.50 for each share of HotJobs common stock, a substantial premium to the current price of $6.47.

"The combination of Yahoo and HotJobs has the potential to create a powerful new force in recruitment, which has been one of the fastest industries to migrate online and is poised to grow substantially over the next several years," Terry Semel, Yahoo's chairman and CEO, said in a statement.

The bid received unanimous approval by Yahoo's board of directors. Semel said he hopes to begin merger discussions with HotJobs CEO Dimitri Boylan and that company's board of directors "as soon as possible." --Stefanie Olsen, Special to ZDNet News