RESTON, Va., July 11 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, today announced that, in connection
with the April 15, 2007 agreement providing for the acquisition of Sallie
Mae, the acquiring entity, owned by affiliates of J.C. Flowers & Co., Bank
of America and JPMorgan Chase, has informed Sallie Mae that it believes
that current legislative proposals pending before the U.S. House of
Representatives and U.S. Senate "could result in a failure of the
conditions to the closing of the merger to be satisfied." Sallie Mae
strongly disagrees with this assertion, intends to proceed towards the
closing of the merger transaction as rapidly as possible and will take all
steps to protect shareholders' interests.
IMPORTANT ADDITIONAL INFORMATION REGARDING THE MERGER HAS BEEN FILED
WITH THE SEC:
In connection with the proposed merger, the Company filed a preliminary
proxy statement with the Securities and Exchange Commission (the "SEC") on
June 27, 2007. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY
STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE MERGER AND
THE PARTIES TO THE MERGER. Investors and security holders may obtain a free
copy of the proxy statement and other relevant documents filed with the SEC
from the SEC's website at http://www.sec.gov. The Company's security
holders and other interested parties may also obtain, without charge, a
copy of the proxy statement and other relevant documents by directing a
request by mail or telephone to Investor Relations, SLM Corporation, 12061
Bluemont Way, Reston, Va. 20190, telephone 703/984-6743, or from the
Company's Web site, http://www.salliemae.com .
The Company and its directors, executive officers and other members of
its management and employees may be deemed to be participants in the
solicitation of proxies from the Company's shareholders with respect to the
Merger. Information about the Company's directors and executive officers
and their ownership of the Company's common stock is set forth in the proxy
statement as filed with the SEC on June 27, 2007.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs. The
company manages $150 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $17 billion in 529 college-savings plans, and over 7.5
million members have joined Upromise to help save for college with rewards
on purchases at nearly 70,000 places. Sallie Mae and its subsidiaries offer
debt management services as well as business and technical products to a
range of business clients, including higher education institutions, student
loan guarantors and state and federal agencies. More information is
available at http://www.salliemae.com. SLM Corporation and its subsidiaries
are not sponsored by or agencies of the United States of America.
SOURCE Sallie Mae
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Related links:
http://www.salliemae.com
http://www.prnewswire.com/comp/827187.html/
CONTACT:
Investors, Steve McGarry, +1-703-984-6746, or
Media, Tom Joyce, +1-703-984-5610, both of Sallie Mae
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