Scholastic Corporation (NASDAQ: SCHL) announced preliminary results of its modified Dutch auction tender offer that expired April 20, 2026. The children's publishing company expects to purchase 2,852,735 shares of common stock at $40.00 per share.

Based on a preliminary count by Computershare Trust Company, the depositary for the tender offer, the total cost will be approximately $114,109,400, excluding fees and expenses. The tender included 1,008,060 shares tendered by notice of guaranteed delivery.

The preliminary results are subject to confirmation by the depositary and assume all shares tendered through guaranteed delivery will be delivered within the two-trading day settlement period. Final numbers will be announced following completion of the confirmation process.

Scholastic expects to have approximately 17,896,740 shares outstanding immediately following payment for the accepted shares. The company stated the tender offer will reduce outstanding shares by approximately 13.7%.

The company will fund the share purchases using cash, including drawings on its existing credit facility. J.P. Morgan Securities LLC served as dealer manager for the tender offer, while Georgeson LLC served as information agent.

Scholastic operates as a global children's publishing, education and media company, distributing children's books through school-based book clubs and book fairs, classroom libraries, and retail channels across more than 135 countries.