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Tender offer canceled:

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vpagano Member Level  Thursday, 01/21/16 11:44:25 AM
Re: Enterprising Investor post# 11
Post # of 29 
Tender offer canceled:

http://247wallst.com/services/2016/01/21/scholastic-terminates-dutch-auction-tender-offer/

Quote:
One of the conditions influencing the termination of the offering was that there shall not have occurred any decrease of more than 10% in the Dow Jones Industrial Average, the New York Stock Exchange Index, the Nasdaq Composite Index or the Standard & Poor’s 500 Composite Index measured from the close of trading on December 28, 2015, the day the tender offer commenced.

Under the terms of the tender offer, once such a decrease in any of the foregoing indices occurred at any time prior to the expiration of the tender offer, and regardless of whether subsequent changes in the relevant index brought the decline back up to less than 10%, Scholastic had the right to terminate the tender offer.

On January 13, 2016, the Nasdaq Composite Index had declined by more than 10% from the close of trading on December 28, 2015, triggering the failure of the condition.



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