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NEW YORK - Health Web site operator WebMD Health Corp. on Thursday said it will buy back more than 600,000 shares from the former owners of Subimo LLC, which it acquired in 2006, and also authorized up to $30 million in other share buybacks.
The company said it would pay about $12.8 million for the 640,930 shares the former Subimo owners hold. It will also pay them $2.8 million in cash according to terms of the acquisition.
The $30 million plan allows the company to buy back shares of its common stock in the open market through block trades or in private transactions, depending on market conditions and various factors.
The company had about 9.6 million Class A shares outstanding as of Nov. 5.
Shares of WebMD rose 71 cents, or 3.6 percent, to close at $20.71.
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