Internet Brands Inc., a KKR & Co. LP portfolio company, commenced its previously announced cash tender offer to buy all of the issued and outstanding common shares of WebMD Health Corp. for $66.50 per share.

Internet Brands on July 24 announced its intent to acquire WebMD via a tender offer in a transaction valued at about $2.8 billion.

The tender offer is set to expire on Sept. 7 at 11:59 p.m. ET unless extended. The completion of the tender offer is subject to various conditions, including WebMD shareholders tendering a majority of the company's outstanding shares and the transaction receiving required regulatory approvals, as well as other customary conditions.

Innisfree M&A Inc. is serving as information agent for Internet Brands in the tender offer, while American Stock Transfer & Trust Co. LLC is serving as depositary and paying agent in the tender offer.