WebMD Health, a subsidiary of healthcare IT firm HLTH of Elmwood Park, NJ, announced that it has repurchased shares of its stock and initiated a $30 million stock repurchase program.
WebMD repurchased nearly 641,000 shares of its Class A Common Stock for approximately $12.8 million from the former owners of Subimo, which was acquired by the company in December 2006. The company also paid the former owners of Subimo approximately $2.8 million in cash according to the terms of the previously completed acquisition.
In addition, the company announced the authorization of a stock repurchase program. Under the terms of the program, WebMD may use up to $30 million to purchase shares of its Class A Common Stock from the open market, through block trades or in private transactions, depending on market conditions and other factors, the company said.
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