Sallie Mae shareholders approve $60-per-share merger with investor group

By Lisa Kerner

Charlotte, N.C., Aug. 15 - SLM Corp. announced that its shareholders approved the merger agreement with Mustang Holding Co., Inc. at a special meeting on Wednesday.

Mustang is an affiliate of J.C. Flowers & Co., Bank of America and JPMorgan Chase.

The April 15 agreement calls for Sallie Mae shareholders to receive $60 cash per share in a transaction valued at some $25 billion.

As previously reported, J.C. Flowers and private equity firm Friedman Fleischer & Lowe will invest $4.4 billion and own 50.2% of Sallie Mae, while Bank of America and JPMorgan Chase will invest $2.2 billion each for a 24.9% stake in the company.

Sallie Mae, based in Reston, Va., is the United States' leading provider of saving- and paying-for-college programs.

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