Scholastic Corporation Expects to Purchase 5.2M Shares at $30

Scholastic SCHL accepted for purchase 5,199,699 shares of common stock at a price of $30.00 per common share for a total cost of $155,990,970. The shares of common stock purchased pursuant to the tender offer represent approximately 15.1 percent of the common shares outstanding as of October 27, 2010. Scholastic funded the purchase of the shares in the tender offer using cash which initially includes temporarily drawing on its existing credit facility.