WebMD Stock Soars on High Volume After KKR Announces $2.8 Billion Buyout
KKR will pay about a 20% premium for the online health publisher.
WebMD Health Corp (WBMD) stock surged nearly 20% midday Monday following news private equity firm KKR & Co (KKR) - Get KKR & Co. Inc. Report will purchase the online health publisher for about $2.8 billion, Reuters reported.
WebMD stock has traded nearly 19.4 million shares so far today versus the 30-day average of 528,258 shares per day.
KKR will pay $66.50 per share, which is a 20.5% premium to WebMD's Friday closing price. The deal is expected to close in the fourth quarter.
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The deal will bring WedMD's websites including WebMD.com, Medscape.com and MedicineNet.com together with KKR's Internet Brands Inc sites, DentalPlans.com and AllAboutCounseling.com.
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