Updated from 10:42 a.m. ET


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finished evaluating a possible acquisition of certain


assets and decided not to submit a bid for any of the failed online retailer's inventory.

Scholastic said the acquisition of the eToys assets wouldn't meet the company's objectives for accelerating or reducing the costs of its own Web initiatives.

eToys is auctioning its assets as part of

bankruptcy proceedings. Before deciding against the acquisition, Scholastic, which publishes children's educational and entertainment books, made a contingent bid of 30 cents on the dollar for the eToys inventory, which would have valued the bid at about $8 million.