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WebMD reveals preliminary tender offer results

WebMD Health Corp. on Dec. 16 disclosed the preliminary results of its tender offer to buy up to 2 million shares of its common stock at $55.00 per share.

Based on the preliminary count by American Stock Transfer & Trust Co., the depositary for the tender offer, which expired Dec. 15, roughly 17.1 million shares of common stock were properly tendered and not withdrawn. This included about 6.5 million shares that were tendered through notice of guaranteed delivery and about 915,000 shares tendered as odd lots. Less than 10,000 shares were conditionally tendered, based on the preliminary count.

WebMD said that it will purchase all of the nearly 915,000 shares that were tendered as odd lots. As the offer was oversubscribed, the company will buy remaining validly tendered shares on a pro-rated basis. Based on the preliminary count and counting all shares that were conditionally tendered, the company estimates that the pro-ration for the remaining shares would be about 6.7%.