HLTH tender offer for 80 million shares oversubscribed

By Lisa Kerner

Charlotte, N.C., Nov. 26 - HLTH Corp. said 86,145,082 shares of its common stock were properly tendered and not withdrawn in its offer that ended Tuesday.

The total includes 25 million shares tendered through notice of guaranteed delivery, according to a preliminary count by American Stock Transfer & Trust Co., an HLTH news release said.

It was previously reported that HLTH would purchase up to 80 million shares, or 43%, of its common stock at a price of $8.80 per share in the offer that began in late October.

Because the offer was oversubscribed, HLTH will purchase shares on a prorated basis at an estimated proration factor of approximately 97.16%.

In addition to the 80 million shares, HLTH expects to purchase an additional 3,699,922 shares, or 2% of its common stock outstanding, under the terms of the offer for $8.80 per share for a total cost of about $736.6 million.

Once the offer is complete, HLTH expects to have approximately 101.3 million shares of common stock issued and outstanding.

Citi is the dealer manager for the offer, and the information agent is Innisfree M&A Inc. (888 750-5834).

HLTH is a health-care business, technology and information services company based in Elmwood Park, N.J.

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