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Franklin Covey sells division for $152.5M.
Byline: Greg Johnson
Franklin Covey Co., an ailing Salt Lake City provider of educational products and seminars, said Nov. 13 it is selling its Premier School Agendas unit of Bellingham, Wash., to School Specialty Inc., a Greenville, Wis., company that sells educational tools for kindergarten through high school, for $152.5 million. Premier produces organizers and calendar books for school use.
Franklin Covey will direct some sale proceeds toward a tender offer for 8 million of its common shares priced at $5.50 apiece. That's an 81% premium over the previous 30 days' average closing price, according to the company, which hopes to close both the transaction …
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