WebMD to pay $235M for shares in tender offer

AP News
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Posted: Dec 11, 2009 4:31 PM

Health Web site operator WebMD Health Corp. said Friday more than 6.3 million shares of its stock were properly tendered as part of its offer to purchase shares for $37 apiece.

The New York-based company said it expects to purchase all properly tendered shares for a total of about $235.1 million. It will have about 51.8 million shares outstanding after the purchase.

The offer, which expired Thursday, represented a 3.5 percent premium over the stock's closing price before it was announced last month.

Shares of WebMD climbed 51 cents, or 1.36 percent, to close Friday at $37.22.