Scholastic reported this morning that based on preliminary results it expects to purchase 5,231,349 common shares, at a price of $30.00 per share for a total cost of $156.9 million under a Dutch auction announced in late September. The total value of the repurchase program is slightly higher than Scholastic’s original target which was to buy up to $150 million of its shares at a price between $27 to $31 a share. Scholastic’s stock price closed at $29.43 yesterday. After the share repurchase program is completed, Scholastic will have reduced the number of shares outstanding by about 15%.