NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- WebMD Health Corp. (Nasdaq: WBMD) announced today that it intends to commence a tender offer next week to purchase up to 5,700,000 shares of its common stock at a price per share of $36.00. The last reported sales price per share of WebMD's common stock on the Nasdaq Global Select Market on November 3, 2009 was $34.26 per share. The number of shares proposed to be purchased in the tender offer represents approximately 10% of WebMD's currently outstanding common shares.
Following the merger of HLTH Corporation into WebMD, completed on October 23, 2009, WebMD has approximately $1 billion in cash and investments. WebMD will use a portion of its cash and investments to fund the tender offer. The Board of Directors of WebMD, after evaluating expected capital requirements of WebMD's operations and other expected cash commitments, as well as the additional shares of WebMD common stock potentially issuable upon conversion of WebMD's 1.75% Convertible Notes, believes that purchasing shares of WebMD's common stock in the tender offer represents a superior alternative to other available uses of the funds required for the tender offer.
None of WebMD, its Board of Directors, or the information agent 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 decide how many shares they will tender, if any.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL SHARES OF WEBMD HEALTH CORP. COMMON STOCK. THE TENDER OFFER WILL BE MADE ONLY PURSUANT TO AN OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS THAT WEBMD INTENDS TO DISTRIBUTE TO ITS STOCKHOLDERS AND FILE WITH THE SECURITI
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