Scholastic formalized the Dutch auction cash tender offer that they announced with their third quarter earnings. The company plans to buy back up to $200 million in shares of between $36 and $40 per share, acquiring back about 25 percent of shares outstanding. The offer will expire end of day on April 20, unless is it extended or terminated earlier. Stock traded at $37.25 on Friday, the last day of trading before the offer commenced, and has hit $39.10 this morning.
