- Scholastic Corp CLOSE The Board of Directors has authorized the repurchase of up to $75 million of its common stock through a modified “Dutch Auction” tender offer at an expected cash purchase price per share of between $35.00 and $40.00 per share.
- Scholastic will start offering on October 25, 2022 with an expiry date of November 22, 2022.
- “This decision to purchase approximately 6% of our outstanding common stock represents both a large investment in our own stock at what we believe are very attractive prices, as well as a first step as we review Scholastic’s capital allocation framework given our improved margin profile and long-term outlook for the.” free cash flow,” said CEO Peter Warwick.
- Scholastic will fund the buyback entirely from the company’s cash resources. It had $239.7 million in cash and equivalents from 31.08.
- Price promotion: SCHL shares traded up 11.54% to $37.51 on the last check Monday in the pre-market.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
