WebMD slumps after announcing preliminary tender offer results

WebMD's (WBMD -4.2%) offer to buy up to 5M shares at $34 (total cost of $170M) was oversubscribed: the company's preliminary count indicates 28.5M shares were tendered. (PR)

Following the completion of the tender offer, WebMD's share count will drop to 45.8M from 50.8M., and the company will have $880M in cash/equivalents (offset by $800M in debt).

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