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WebMD to buy back 10% of its common stock in $37-per-share offer
By Lisa Kerner
Charlotte, N.C., Nov. 10 - WebMD Health Corp. began its tender offer to purchase up to 5.7 million shares, or 10% of its common stock, for $37.00 per share.
On Nov. 3, WebMD announced it would pay $36.00 for each share.
The company's stock closed at $35.75 (Nasdaq: WBMD) on Monday.
The tender offer will end at 5 p.m. ET on Dec. 10, according to a WebMD news release.
WebMD said it will use a portion of its approximately $1 billion in cash and investments to fund the offer.
Innisfree M&A Inc. (888-750-5834) is the information agent for the offer.
American Stock Transfer & Trust Co. is the depositary.
New York-based WebMD provides health information services through its online portals and publications.
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