HLTH, WebMD end merger plan
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Continuing turmoil in the financial markets prompted HLTH Corp. and WebMD Health Corp. to cancel a $2.31-billion cash-and-stock merger, the companies said.
The boards of directors of both companies favored ending the deal, which was announced in February. HLTH holds an 84% stake in WebMD, which provides a range of health information to consumers and healthcare professionals.
Shares of Elmwood Park, N.J.-based HLTH plummeted $1.14, or 12.5%, to close at $7.96. WebMD advanced $3.92, or 25.8%, to $19.10.
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