Carl Icahn Ups Stake In WebMD
Carl Icahn has upped his stake in WebMD. He now owns 13.12% in WebMD, which is up from 11.64%. He paid $203.2 million for the additional shares. Icahn increased his stake after WebMD decided in January not to sell itself off anymore.
On Tuesday, WebMD announced that they would buyback shares as part of a $150 million worth of stock in a Dutch tender offer. The program collected 18 million shares (10% of outstanding shares) for $26 each.
This price is higher than where WebMD has trade since late February. WebMD’s offer was not what Icahn pictured. He proposed a buyback of up to $1 billion worth of shares at a high price point of $30.
[NYT]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry