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| HLTH > SEC Filings for HLTH > Form 8-K on 5-Dec-2008 | All Recent SEC Filings |
5-Dec-2008
Entry into a Material Definitive Agreement
To the extent required by Item 1.01 of Form 8-K, the information contained in
or incorporated by reference into Item 2.01 of this Current Report is hereby
incorporated by reference into this Item 1.01.
Item 2.01. Completion of Acquisition or Disposition of Assets
As previously disclosed, WebMD Health Corp. ("WebMD"), a publicly traded
subsidiary of HLTH Corporation, acquired Subimo, LLC on December 15, 2006,
pursuant to the Unit Purchase Agreement (the "Purchase Agreement"), dated as of
November 2, 2006, by and among WebMD, Subimo, LLC and the Sellers referred to
therein (the "Sellers"). Pursuant to General Instruction B.3 of Form 8-K, the
following are incorporated by reference herein:
• the description of the terms of the Purchase Agreement contained in
Item 1.01 of the Current Report on Form 8-K filed by WebMD on November 8,
2006; and
• the information contained in the Current Report on Form 8-K filed by WebMD on December 21, 2006, which reported the closing of the acquisition of Subimo by WebMD.
A copy of the Purchase Agreement was filed as Exhibit 2.1 to the Current Report
on Form 8-K filed by WebMD on November 8, 2006.
On December 3, 2008, WebMD issued 640,930 shares of its Class A Common Stock
(the "Deferred Shares") and paid approximately $2.8 million in cash in full
satisfaction of its obligations to pay the deferred portion of the purchase
price to the Sellers under the Purchase Agreement. In addition, as contemplated
by an amendment to the Purchase Agreement entered into on December 3, 2008,
WebMD repurchased the Deferred Shares from the Sellers for approximately
$12.8 million (a purchase price of $20.00 per share, the closing market price of
WebMD's Class A Common Stock on The Nasdaq Global Select Market on December 3,
2008). No additional amounts for deferred purchase price are due to Sellers
under the Purchase Agreement, as amended.
Item 8.01. Other Events
On December 3, 2008, the Stock Repurchase Committee of the Board of Directors of WebMD Health Corp. ("WebMD"), a publicly traded subsidiary of HLTH Corporation, authorized a stock repurchase program. Under the program, WebMD may use up to $30 million to purchase shares of its Class A Common Stock from time to time in the open market, through block trades or in private transactions, depending on market conditions and other factors. The repurchase by WebMD of shares of WebMD Class A Common Stock described in Item 2.01 above is not part of the $30 million repurchase program and does not reduce the amount available under the program. Any repurchased shares will be available for use in connection with WebMD's equity compensation plans and for other corporate purposes.
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