Scholastic Corporation (SCHL), a children's publishing, education and media company, Monday announced that it launched a modified Dutch Auction tender offer to purchase up to $200 million of its common stock at a price not less than $36 per share or more than $40 per share from the seller in cash.
The number of shares to be purchased represents approximately 25 percent of Scholastic's currently outstanding common stock.
The closing price of the company's stock on Nasdaq on March 20 was $37.25 per share which was the last trading day prior to the commencement of the tender offer.
The tender offer will expire on Monday, April 20, the publishing firm said in a statement.
In pre-market activity, SCHL shares were trading at $37.76, up 1.37% on the Nasdaq.
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