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SCHOLASTIC CORPORATION ANNOUNCES CASH TENDER OFFER TO PURCHASE UP TO $75 MILLION OF ITS COMMON STOCK
NEW YORK, Oct. 25, 2022 /PRNewswire/ -- Scholastic Corporation (the "Company" or "Scholastic") (NASDAQ: SCHL), the global children's publishing, education and
About this update from Scholastic Corporation
[{"type":"text","content":"NEW YORK, Oct. 25, 2022 /PRNewswire/ -- Scholastic Corporation (the \"Company\" or \"Scholastic\") (NASDAQ: SCHL), the global children's publishing, education and media company, announced today the commencement of a modified \"Dutch Auction\" tender offer to purchase up to $75 million of its common stock at a price not less than $35.00 per share or more than $40.00 per share to the seller in cash, less any applicable withholding taxes and without interest. The number of shares proposed to be purchased in the tender offer (at a minimum purchase price of $35.00 per share) represents approximately 6.5% of Scholastic's currently outstanding common shares. The closing price per share of Scholastic's common stock on the Nasdaq Stock Market on Monday, October 24, 2022, the last full trading day prior to the commencement of the tender offer, was $37.13 per share. The tender offer is being made in accordance with the terms and subject to the conditions described in the offer to purchase, the related letter of transmittal and other related tender offer materials, as each may be amended or supplemented from time to time.\n\n \n \n \n \n \n \n\n \nThe tender offer will expire on Tuesday, November 22, 2022 at 12:00 Midnight, at the end of the day, New York City time, unless the tender offer is extended or terminated by the Company. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case in accordance with the procedures described in the offer to purchase, the related letter of transmittal and other related tender offer materials that are being distributed to shareholders.\nOn the terms and subject to the conditions of the tender offer, Scholastic shareholders will have the opportunity to tender some or all of their shares of common stock at a price or any number of prices contained within the price range established by Scholastic. Based on the number of shares duly tendered and the prices specified by the tendering shareholders, Scholastic will determine the lowest price per share within the range that will enable it to buy up to $75 million of its common stock or a lower amount if the offer is not fully subscribed. If shareholders properly tender shares greater than $75 million in value at the price determined, Scholastic will purch...