Scholastic Reports Preliminary Results of Dutch Auction Tender Offer
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Scholastic (SCHL) announced preliminary results from its modified Dutch auction tender offer, which closed recently. Shareholders tendered approximately 2.85 million shares at or below the $40 purchase price. Scholastic plans to buy all properly tendered shares for about $114.1 million, reducing its share count by 13.7% to nearly 17.9 million shares outstanding. Following the announcement, Scholastic's shares rose by 2.3%.
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