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10-21-2013, 12:12 PM #1
WebMD to Buy Back Shares from Carl Icahn for $177.3 MILLION
- October 21, 2013, 7:45 a.m. ET
WebMD to Buy Back Shares from Carl Icahn for $177.3 Million
By Nathalie Tadena
WebMD Health Corp. (WBMD) will repurchase all of its shares that are owned by Carl Icahn and certain of his affiliates for $177.3 million.
The health-information provider will buy back 5.5 million shares for $32.08 a share, its closing price on Friday. The deal, which is expected to be completed Monday, will be funded from WebMD's cash on hand.
WebMD relies on major drug companies to power advertising and sponsorship revenue for its public website, which targets consumers, and a private portal targeting health-care professionals. WebMD late last year unveiled a restructuring plan, which included job cuts, as pharmaceutical companies curbed marketing spending in the face of generic competition for major drugs and some longer-than-expected delays in introducing new products.
The repurchase was made outside of the company's existing buyback program, of which about $54 million remains available for repurchases.
Including the latest move, WebMD has repurchased about 10.8 million of its shares since June 30. After the buyback, WebMD will have about 40.4 million shares outstanding.
Icahn Associates Corp. had an approximate 13.4% stake in WebMD as of June 30, according to FactSet.
Shares were up by 31 cents to $32.39 in premarket trading. The stock has more than doubled this year.
Write to Nathalie Tadena at nathalie.tadena@wsj.com
http://online.wsj.com/article/BT-CO-...21-702845.html
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