WebMD Health Corp. (WBMD) announced that it has commenced its tender offer to buy up to 5.7 million common shares at $37.00 per share. The price per share of $37.00 represents a change from the price per share of $36.00 that WebMD previously announced on November 3, 2009. The last reported sales price per share of WebMD Common Stock on the NASDAQ Global Select Market on November 9, 2009 was $35.75 per share. The tender offer will expire on December 10, 2009.
On the terms of the tender offer, WebMD said its stockholders will have the opportunity to tender some or all of their shares at a price of $37.00 per share. If stockholders properly tender and do not properly withdraw more than 5,700,000 shares, WebMD will purchase shares tendered by those stockholders owning fewer than 100 shares, without pro ration, and all other shares tendered will be purchased on a pro rata basis. WebMD said it will use a portion of its cash and cash equivalents to fund the tender offer.
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