NEW YORK (AP) -- Health website operator WebMD said Wednesday it is buying back 5 million shares of its stock through a tender offer.
The company said a total of 28.5 million shares were tendered at its asking price of $34 per share. In a tender offer, shareholders are asked if they want to sell any of their shares back to the company at a specific price.
WebMD announced the offer on Aug. 6.
WebMD Health Corp. had 50.8 million shares on the market as of Tuesday. After it completes the tender offer, the New York company expects to have about 45.8 million shares outstanding with cash and cash equivalents of $880 million.
Its shares fell $1.67, or 3.8 percent, to $32.20 in midday trading. The stock has more than doubled in the year to date.