WebMD Health Corp. (NASDAQ:WBMD) announced today that it intends to commence a tender offer within the next week to purchase up to 2,000,000 shares of its common stock at a price per share of $55.00. The number of shares proposed to be purchased in the tender offer represents approximately 5.1% of WebMD’s currently outstanding common shares (including outstanding shares of unvested restricted stock). The NASDAQ Official Closing Price of WebMD’s common stock on November 11, 2016 was $53.38 per share.
WebMD has approximately $1.065 billion in cash and investments, a portion of which will be used to fund the tender offer. The Board of Directors of WebMD has determined to commence the tender offer in order to provide liquidity to its stockholders by permitting them the opportunity to tender shares of WebMD common stock for cash in accordance with the terms of the offer to purchase that will be filed with the Securities and Exchange Commission.
None of WebMD, its Board of Directors or the information agent or the depositary for the tender offer will make any recommendations to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Stockholders must make their own decision as to how many shares they will tender, if any.
About WebMD
WebMD Health Corp. (NASDAQ:WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through our public and private online portals, mobile platforms and health-focused publications.
The WebMD Health Network includes WebMD.com, Medscape.com, MedicineNet.com, eMedicineHealth.com, RxList.com, Medscape Education (Medscape.org) and other WebMD owned sites and apps.