Scholastic announces preliminary results of modified Dutch auction tender offer

Scholastic (SCHL) announced the preliminary results of its “modified Dutch auction” tender offer, which expired on April 20. A total of 2,852,735 shares of Scholastic’s common stock, par value 1c per share were properly tendered and not properly withdrawn at or below the purchase price of $40.00 per Share. Scholastic expects to purchase a total of 2,852,735 Shares, at a price of $40.00 per Share for a total cost of approximately $114,109,400 excluding fees and expenses relating to the tender offer. Scholastic will fund the purchase of the shares in the tender offer using cash which will include drawings on its existing credit facility. Scholastic expects to have approximately 17,896,740 Shares outstanding as of the time immediately following payment for the accepted shares. Scholastic expects that the number of outstanding Shares will have been reduced by approximately 13.7% as a result of the purchases in the tender offer.