On Thursday morning Scholastic cancelled their Dutch auction offer to buyback up to $200 million worth of their shares, citing the drop of more than 10 percent in key stock market indices since the offer began on December 28. As a result, their stock fell over 10 percent during the day, declining almost $4 a share to close at $33.64. It has rebounded a little bit Friday morning with the broader market rising. (At the reset prices, the company is better off deploying the same cash buying shares on the open market, or finding other uses for their cash.) Scholastic […]
