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News For SCHL From The Last 14 Days
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April 24, 2015
06:38 EDTSCHLHoughton Mifflin to acquire Scholastic's Educational Tech & Services business
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06:33 EDTSCHLScholastic to sell EdTech business to Houghton Mifflin for $574M in cash
Scholastic announced that it has entered into a definitive agreement to sell its Educational Technology, or EdTech, business to Houghton Mifflin Harcourt for $575M in cash. EdTech had $249M in revenues and $40M in operating income in FY14. Revenues were $175M and operating income was $17M for the first nine months of the current fiscal year ending May 31. Scholastic expects net proceeds from the sale, after taxes, transaction fees, and other expenses, of approximately $360M-$370M. The transaction will enable Scholastic to focus on its core businesses by deepening relationships with its primary customers teachers, parents, children, and schools. The Company plans to reinvest the proceeds from the sale in its Children's Book Publishing and Distribution, Classroom and Supplemental Materials Publishing, and International business segments, while continuing to return capital to shareholders over time. The management team of the Educational Technology and Services business, including its President Margery Mayer, is expected to remain with the business as part of HMH. The business' approximate 800 employees are also expected to join HMH upon transaction close. The transaction is expected to close in Q2.
06:31 EDTSCHLScholastic to sell EdTech business to Houghton Mifflin for $574M in cash
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April 22, 2015
10:02 EDTSCHLOn The Fly: Analyst Downgrade Summary
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09:15 EDTSCHLScholastic downgraded at Gabelli
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09:06 EDTSCHLScholastic downgraded to Hold from Buy at Gabelli
April 13, 2015
10:34 EDTSCHLAnalyst predicts consolidation in educational products space
The shares of Scholastic (SCHL) are climbing after Citigroup wrote that the company will probably be acquired by Houghton Mifflin Harcourt (HMHC). Scholastic develops educational products for children, including books and technology products. Houghton Mifflin Harcourt publishes textbooks used in K-12 schools around the world. WHAT'S NEW: Houghton Mifflin is "very likely" to buy Scholastic, Citi analyst Jason Bazinet wrote in a note to investors earlier today. The assets of Scholastic "fit naturally" with those of Houghton Mifflin, since both companies publish materials for K-12 students, the analyst stated. Houghton Mifflin's reluctance to return capital to shareholders, along with a lack of suitable targets in the K-12 space, further convince Bazinet that the deal will probably take place, the analyst stated. The acquisition would increase the value of Houghton Mifflin's stock to $30, wrote Bazinet, who increased his price target on the shares to $29 from $23. He kept a Buy rating on the stock. PRICE ACTION: In early trading, Scholastic rose 1.3% to $40, while Houghton Mifflin advanced 1.5% to $24.
06:25 EDTSCHLHoughton Mifflin 'very likely' to acquire Scholastic, says Citigroup
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