SLM Corp. issued the following statement Wednesday afternoon:
SLM Corporation, commonly known as Sallie Mae, announced today that it has
been informed by a representative of the buyer group led by J. C. Flowers,
Bank of America and JPMorgan Chase that the buyer group does not expect to
consummate the acquisition of Sallie Mae under the terms of the merger
agreement. Sallie Mae firmly believes that the buyer group has no
contractual basis to repudiate its obligations under the merger agreement
and intends to pursue all remedies available to it to the fullest extent
permitted by law.
Full coverage will come later in The Daily Deal and on TheDeal.com. —The
editors
See
press release via CNNmoney
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This lack of a deal doesn't seem too surprising. NewsVisual reported some potentially helpful ties between the companies, but they didn't seem substantial enough to really have an impact on the follow through of the takeover (see article: http://www.newsvisual.com/newsvisual/2007/09/jp-morgan-and-s.html ). Has anybody else stepped forward as being interested in Sallie Mae?