Tuesday, October 2, 2007
In the continuing drama over the sale of Sallie Mae, J. Christopher Flowers, on behalf of the buyers, proposed a revised deal that cuts the purchase price by $10 per share and replaces it with warrants that have a payout of up to $10 depending on Sallie Mae's performance. The offer expires in seven days. Stay tuned. WSJ, SLM Buyers Propose New Buyout Terms.