Oct. 21, 2013
/PRNewswire/ -- WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, today announced that it has entered into an agreement to repurchase all of the shares of WebMD common stock beneficially owned by
Carl C. Icahn
and certain of his affiliates, at a purchase price of
per share, the NASDAQ Official Closing Price of WebMD's common stock on
October 18, 2013
. The total purchase price for the approximately 5.5 million shares will be
and will be funded from WebMD's cash and cash equivalents on hand. This transaction is expected to be completed today.
"Our decision to repurchase these shares reflects our belief that, as the healthcare landscape continues to evolve, the combination of WebMD's trusted brand, industry-leading scale, high-quality consumer and professional audiences and customer relationships provides us with a strong foundation to deliver long-term growth," said
, Chief Executive Officer, WebMD.
Inclusive of this transaction, since
2013, WebMD has repurchased approximately 10.8 million shares of its common stock and
principal amount of its 2.25% Convertible Notes due 2016.
After this transaction, WebMD will have approximately 40.4 million shares of its common stock outstanding (including approximately 0.9 million unvested shares of restricted stock) and expects to have approximately
in cash and cash equivalents and
in aggregate principal amount of convertible notes outstanding.
The repurchase announced today was made outside of WebMD's existing share repurchase program and approximately
remains available for repurchases under that program.
WebMD Health Corp. (NASDAQ: WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through our public and private online portals, mobile platforms and health-focused publications.
The WebMD Health Network includes WebMD Health, Medscape, MedicineNet, eMedicineHealth, RxList, theheart.org, Medscape Education and other owned WebMD sites.