WebMD Health Corp. (NASDAQ:WBMD) has announced today that they are intending to commence a tender offer within the next week to buy up to 5 million shares of their common stock at a price of $34.
The number of shares proposed to be bought in the tender offer represents around 10% of the company’s outstanding common shares. WebMD’s official closing price of their common stock today was $33.14.
WebMD Health Corp. (NASDAQ:WBMD) has around $1 billion in cash and cash equivalents, which will be partially used for funding the tender offer.
The tender offer is being made in order to “provide liquidity to its stockholders by permitting them the opportunity to tender shares of WebMD Health Corp. (NASDAQ:WBMD) common stock for cash in accordance with the terms of the offer to purchase that will be filed with the Securities and Exchange Commission.”