SLM shareholders to vote Aug. 15 on merger with investor group

By Lisa Kerner

Charlotte, N.C., July 18 - SLM Corp. will hold a special meeting of stockholders at 11 a.m. ET on Aug. 15 to approve the proposed acquisition of the company by Mustang Holding Co., Inc., an entity owned by affiliates of J.C. Flowers & Co. LLC, JPMorgan Chase Bank, NA and Bank of America, NA.

The record date for the meeting is June 29, according to a schedule 14A filing with the Securities and Exchange Commission.

As previously reported, the investor group entered into a definitive agreement on April 15 to purchase SLM, known as Sallie Mae, for $60 per share in a transaction valued at about $25 billion. Following the transaction's close, 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's current management will continue to lead the company, which will continue to be based in Reston, Va.

Sallie Mae is the nation's leading provider of saving- and paying-for-college programs.

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