WebMD just bought out investor Carl Ichan’s shares, netting the corporate raider a $73.9-million profit for irritating management. AP:
The company said it will pay $177.3 million, or $32.08 per share, to buy back the 5.5 million shares held by Icahn and his affiliates.
Icahn became the biggest shareholder in WebMD in November 2011, when he paid $103.4 million to get a 9.5-percent stake in the company. He later boosted his stake to 13 percent.
To be fair to Icahn, WebMD’s stock had dropped significantly in 2011, and has doubled in the past year.