Scholastic Corporation Announces Tender Offer to Purchase Up to $150 Million of Common Stock

Scholastic Corporation SCHL announced today that it has commenced a modified "Dutch Auction" tender offer to purchase up to $150 million of its common stock at a price not less than $27.00 per share or more than $31.00 per share. The number of shares proposed to be purchased in the tender offer (at the minimum purchase price of $27.00 per share) represents approximately 16.17% of Scholastic's currently outstanding common shares. The reported closing price per share of Scholastic's common stock on the Nasdaq Stock Market on September 22, 2010, the day before the announcement of Scholastic's intention to conduct the offer, was $25.51 per share. The last reported sales price per share of Scholastic's common stock on the Nasdaq Stock Market on September 27, 2010 was $27.27 per share.