other material
confidence high
sentiment neutral
materiality 0.55
Scholastic repurchases 400K shares from Estate of former CEO at 3.8% discount
SCHOLASTIC CORP
- Bought 400,000 shares at $33.50646 each (3.8% discount to $34.83 close) for $13.4M total.
- Audit Committee of independent directors approved the deal; Chair Lucchese (co-executor) recused.
- Remaining authorization under current $100M buyback program is ~$86.6M.
- Estate will apply substantial proceeds to meet its obligations.
- Year-to-date total repurchases now stand at 3,993,576 shares.