Scholastic completed its Dutch auction tender offer, and in a preliminary report, expects to purchase 2.85 million shares at $40 each, totaling $112.1 million before fees and expenses. After the purchase is completed, the company will have 17.9 million outstanding shares, down about 13.7 percent from before the tender offer. Over the past year or so, the company has bought back roughly 10 million shares, or over a third of their stock. And it looks like those purchases will continue, since they had allocated up to $200 million for the Dutch auction, as part of a new board-authorized repurchase authority […]
