SI Holdings has revised its offer for Scholastic Inc.

New York-based Scholastic Inc., the largest publisher of English-language classroom magazines and children’s books, said its directors have received a revised proposal from SI Holdings to acquire all of the outstanding equity securities in a transaction in which Class A and common stock holders would each receive $20 per share in cash and a subordinated debenture due June 1, 2002, in the principal amount of $28 each share.