TMP Worldwide Plans to Acquire Rollo

Recruiting giant TMP Worldwide said it has signed a letter of intent to acquire Rollo Associates, a Los Angeles executive search firm. Terms of the pooling-of-interest merger, in which shares of the acquiring firm are exchanged for all outstanding shares of the target, were not disclosed. All nine Rollo employees will be retained by TMP, founder Bob Rollo said, adding that the purchase would nearly triple TMP’s Los Angeles revenue. Founded in 1992, Rollo specializes in searches for CEOs and company directors. Recent clients have included Litton Industries, City National Bank and the Academy of Television Arts & Sciences. TMP, whose Monster.com Internet site has offered nearly 400,000 job listings in recent months, had a $7.4-million net loss in 1999, contrasted with a $20.5-million net gain the year before. The deal is expected to close by the end of the month. Shares of New York-based TMP fell $1.19 to close at $64.81 on Nasdaq.