Scholastic has lifted their depressed stock price with an announcement Monday of a $75 million share purchase program through a modified Dutch Auction. The offer opens on Tuesday, October 25 and is scheduled to close by November 22, and will buy back shares at an expected price of between $35 and $40 a share. (On Friday, shares had closed at $33.63 a share.) The company says it is able to finance the buyback through cash on hand. The market has responded as expected, pushing shares up by over $4 a share in the first hour of trading on Monday, though […]
