Scholastic announces Dutch Auction tender offer to repurchase up to $75M in common stock at $35-$40/share

SCHOLASTIC CORP

Up to $75M of common stock (~6% of shares outstanding) to be repurchased via modified Dutch Auction.
Tender offer price range: $35.00 to $40.00 per share; funded entirely from cash on hand.
Offer commences Oct 25, 2022 and expires Nov 22, 2022, unless extended or earlier terminated.
CEO cites attractive stock price, improved margin profile, and long-term free cash flow outlook.
Dealer-managers: BofA Securities and Wells Fargo Securities; Georgeson LLC as information agent.

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