shares of scholastic corp jumped more than 10 in premarket trading monday after the childrens publishing and education company said it plans to buy back up to 75 million of common stock or roughly 6 of its shares outstanding through a modified dutch auction tender offer the new york company which currently has about 327 million shares outstanding and sports a market capitalization of around 116 billion said it set a price range of 35 to 40 a share for the tender offer scholastic said it plans to use cash on hand to fund the tender offer which is slated to expire on nov 22 scholastic shares which closed friday at 3363 were recently up 115 to 3750 in premarket trading