Salt Lake-based Franklin Covey has closed on the sale of its wholly owned subsidiary, Premier, based in Bellingham, Wash., to School Specialty for $152.5 million.
In addition to the $152.5 million sales price, Franklin Covey has received a dividend from Premier of roughly $5 million in cash and will receive a note for the remaining working capital as of the closing date for about $8 million.
Franklin Covey also announced the extension of its tender offer to buy 7.3 million shares of its common stock at $6 per share through Jan. 31.
The company said the extension is in response to comments from the Securities Exchange Commission requesting that the offering period be extended for at least five business days after the closing of the company's sale of Premier Agendas to School Specialty.