-- Scholastic (SCHL) on Tuesday announced preliminary results from its modified Dutch auction tender offer, which closed on Monday.
The company said that shareholders tendered a total of about 2.85 million shares at or below the $40 per share purchase price, including about 1 million shares that were tendered by notice of guaranteed delivery.
Based on the preliminary count, Scholastic expects to purchase all properly tendered shares at $40 each, for a total cost of about $114.1 million, excluding fees and expenses, it added.
The company said that following completion of the offer, it expects nearly 17.9 million shares to remain outstanding, representing a reduction of about 13.7% in its share count.
Shares of Scholastic rose 2.3% in the session.
Price: $40.69, Change: $+0.93, Percent Change: +2.34%