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Student loan company SLM Corp. said Wednesday that its shareholders had approved the $25 billion take-private agreement with J.C. Flowers & Co., Bank of America and J.P. Morgan Chase & Co. J.C. Flowers had warned several weeks ago that some proposed reductions in student loan subsidies being considered in Congress might constitute a material adverse change under the merger agreement. Shares of SLM were up .06% in afternoon trading Wednesday at $47.15, but they were still well below the $60 buyout price, reflecting worries that the deal could be terminated or the price cut. Separately, Moody's Investors Service downgraded SLM's debt ratings, citing the proposed legislation. SLM's senior unsecured long-term debt was lowered to Baa1 from A2. —John E. Morris
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approval story from MarketWatch Tags: SLM Corp., Sallie Mae, acquisition, private+equity CategoriesPrivate capital video
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