Business
Scholastic Corporation Announces Intent to Repurchase Up to $200 Million of its Common Stock Through Modified Dutch Auction Tender Offer
NEW YORK, March 19, 2026 /PRNewswire/ -- Scholastic Corporation ("Scholastic") (NASDAQ: SCHL), the global children's publishing, education and media company,
About this update from Scholastic Corporation
[{"type":"text","content":"NEW YORK, March 19, 2026 /PRNewswire/ -- Scholastic Corporation (\"Scholastic\") (NASDAQ: SCHL), the global children's publishing, education and media company, today announced that its Board of Directors (the \"Board\") has authorized the repurchase of up to $200 million of the Company's common stock through a modified \"Dutch Auction\" tender offer (\"Offer\"), at an anticipated cash purchase price per share of not less than $36.00 per share and not more than $40.00 per share, less any applicable withholding taxes and without interest.\n \n \n \n \n \n \n \nThe Offer is expected to commence on Monday, March 23, 2026, with expiration of the Offer scheduled for 5:00 p.m., New York City time on Monday, April 20, 2026, unless the Offer is extended or earlier terminated. The purchase of common stock under the Offer is expected to be funded through the Company's cash on hand and from borrowings available under the Company's revolving credit facility.Peter Warwick, President and Chief Executive Officer, said, \"Following the successful completion of our recent real estate transactions, the Board's authorization represents a disciplined next step in our capital allocation strategy to further optimize our balance sheet and efficiently return cash to shareholders.\"The Offer will be subject to various terms and conditions as will be described in offer materials that will be publicly filed and distributed to shareholders upon commencement. The Dealer-Manager for the Offer will be J.P. Morgan Securities LLC. Georgeson LLC and Computershare Trust Company, N.A. will serve as the Information Agent and Depositary for the Offer, respectively.Neither Scholastic's management, nor any of the members of its board of directors, executive officers, the dealer manager, the information agent or the depositary will be making any recommendation to shareholders as to whether to tender or refrain from tendering their shares in the Offer. Shareholders must decide how many shares they will tender, if any, and the price within the stated range at which they will tender their shares. Shareholders should consult their financial and tax advisors in making this decision.The Offer described in this press release has not yet commenced and there can be no assurance that Scholastic will commence the Offer on the terms described herein or at all. This press release is...