Benzinga | Jan 21, 2022 05:20AM EST

Scholastic Says Entered Repurchase Agreement Dated As Of Jan. 12 To Purchase Shares From Estate Of M. Richard Robinson, Jr. In Private Transaction For $12,194,382

Scholastic Corporation (the "Company") entered into a share repurchase agreement dated as of January 12, 2022 (the "Repurchase Agreement"), to purchase shares of its common stock, par value $0.01 per share ("Common Shares"), from the Estate of M. Richard Robinson, Jr. (the "Estate") in a private transaction. Pursuant to the Repurchase Agreement, the Company purchased 300,000 Common Shares on January 19, 2022 at a price of $40.64794 per share from the Estate, representing an aggregate purchase price of $12,194,382. The price per share paid represented a 4.2% discount to the closing price of the stock ($42.43) on the date of execution of the Repurchase Agreement. The Estate holds certain Common Shares, as well as the shares of Class A Stock, of the Company previously owned by the late M. Richard Robinson, Jr., the Company's former Chairman of the Board and Chief Executive Officer.