Scholastic Board Authorizes Repurchase Of Up To $75 Mln Of Common Stock - Quick Facts

(RTTNews) - Scholastic Corp. (SCHL) said its Board has authorized the repurchase of up to $75 million of common stock through a modified Dutch Auction tender offer, at an anticipated cash purchase price per share of not less than $35.00 per share and not more than $40.00 per share, less any applicable withholding taxes and without interest. The company plans to commence the offer on October 25, 2022, with expiration of the offer scheduled for November 22, 2022.

Peter Warwick, CEO, said: "While we will continue to prioritize investments in strategic growth opportunities, both organic and inorganic, and maintaining a strong balance sheet to ensure the longevity of Scholastic's mission and brand, we are also committed to returning excess capital to shareholders and improving the long-term efficiency of our balance sheet."