Scholastic Stock Is Quiet, But the Buyback Math Is Loud
Scholastic Corporation shares were little changed before the U.S. open on Wednesday, holding at $42.75 as investors looked past a quiet news tape and kept focus on the children’s publisher’s recent share repurchase push. The company’s market value stood just under $930 million. That matters now because there was no fresh company release to reset the story overnight. Scholastic’s investor-relations site showed its latest press release as the April 23 final results of a modified Dutch auction tender offer, a buyback format in which shareholders offer stock for sale within a price range and the company sets one purchase price.