Sallie Mae Accepts $25 Billion Bid From Funds, Banks

04/16/2007

By Edward Evans and James M. O'Neill
Bloomberg


April 16 (Bloomberg) -- SLM Corp., the U.S. student-loan provider known as Sallie Mae, accepted a $25 billion takeover bid from JPMorgan Chase & Co., Bank of America Corp. and two private-equity funds.

JC Flowers & Co., Friedman Fleischer & Lowe LLC and the banks offered $60 a share for Reston, Virginia-based Sallie Mae, 47 percent more than the closing price on April 12, the companies said in a Business Wire statement today. The funds plan to take 50.2 percent of the company and JPMorgan and Bank of America will each own 24.9 percent.

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