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Scholastic Corporation Announces Final Results of Modified Dutch Auction Tender Offer
NEW YORK, Nov. 28, 2022 /PRNewswire/ -- Scholastic Corporation (the "Company") (NASDAQ: SCHL), the global children's publishing, education and media company,
About this update from Scholastic Corporation
[{"type":"text","content":"NEW YORK, Nov. 28, 2022 /PRNewswire/ -- Scholastic Corporation (the \"Company\") (NASDAQ: SCHL), the global children's publishing, education and media company, today announced final results of its \"modified Dutch auction\" tender offer which expired at 12:00 midnight, New York City time, at the end of the day on November 22, 2022.\n\n \n \n \n \n \n \n\n \nBased on the final count by Computershare Trust Company, N.A., the depositary for the tender offer (the \"Depositary\"), a total of 533,793 shares of the Company's Common Stock, par value $0.01 per share (each, a \"Share\"), were properly tendered and not properly withdrawn at or below a purchase price of $40.00 per Share.\nIn accordance with the terms and conditions of the tender offer, the Company accepted for purchase an aggregate of 533,793 Shares, representing approximately 1.6% of the Shares issued and outstanding, or 1.5% of the total number of Shares outstanding assuming conversion of all shares of the Company's Class A Common Stock, as of November 21, 2022, at a purchase price of $40.00 per share, for an aggregate cost of approximately $21.35 million, excluding fees and expenses related to the tender offer. As the Company accepted for purchase all of the Shares which were properly tendered and not properly withdrawn at a price at or below $40.00 there is no proration factor. The Depositary has paid for all of the Shares accepted for purchase. Payment for the Shares purchased was made in cash, less any applicable withholding taxes and without interest.\nBofA Securities, Inc. and Wells Fargo Securities, LLC acted as dealer managers for the tender offer and Georgeson, LLC acted as information agent for the tender offer. Stockholders who have questions or would like additional information about the tender offer may contact Georgeson toll-free at (866) 391-6921 banks and brokers may call Georgeson at (866) 391-6921, BofA Securities, Inc. at (888) 803-9655 or Wells Fargo Securities, LLC at (833) 690-2713.\nAbout Scholastic\nFor more than 100 years, Scholastic Corporation (NASDAQ: SCHL) has been encouraging the personal and intellectual growth of all children, beginning with literacy. Having earned a reputation as a trusted partner to educators and families, Scholastic is the world's largest publisher and distributor of children's books, a leading provider of literacy curri...