October 1, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Scholastic Corp. (NASDAQ: SCHL), children's publishing, education and media firm, said that it has launched a modified "Dutch Auction" tender offer to purchase up to $150 million of its common stock at a price not less than $27.00 per share or more than $31.00 per share.

The number of shares proposed to be purchased in the tender offer (at the minimum purchase price of $27 per share) represents around 16.17% of Scholastic's currently outstanding common shares.  

The reported closing price per share of Scholastic's common stock on the Nasdaq Stock Market on September 22, 2010, the day before the announcement of Scholastic's intention to conduct the offer, was $25.51 per share.  The last reported sales price per share of Scholastic's common stock on the Nasdaq Stock Market on September 27, 2010 was $27.27 per share.

New York-based Scholastic is a publisher and distributor of children's books and a provider of educational technology and children's media.

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