Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, October 2, 2007

Flowers Proposes New Terms in Sallie Mae Sale

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.

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