In light of the recent financial market turmoil, Elmwood Park, N.J.-based HLTH Corp. and its 84-percent-owned subsidiary, WebMD Health Corp., have voided the merger agreement between them, the companies say.
According to the companies, the termination was by mutual agreement of the companies and was unanimously approved by the Boards of Directors of both companies and by a special committee of independent directors of WebMD. The Boards determined that both HLTH, as controlling stockholder of WebMD, and the public stockholders of WebMD, would benefit from WebMD continuing as a publicly-traded subsidiary with a strong balance sheet, including approximately $340 million in cash and investments and no long-term debt.
