Investors End Deal To Buy Sallie Mae
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One of the largest private takeovers in history -- the $25.3 billion buyout for college loan giant Sallie Mae -- unraveled yesterday after its buyers balked at the price, citing turmoil in the credit markets and federal legislation to cut subsidies to student lenders.
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Fannie Mae, the nation&#39;s largest buyer of mortgages, said yesterday that it agreed to sell $5 billion of preferred stock to large institutional investors in a rush to meet its regulator&#39;s minimum capital requirements.
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Shareholders approved Aether Systems Inc.'s sale of one of its two remaining operating divisions yesterday, a deal that will take the Owings Mills company out of the wireless business and nearly complete its transformation into a mortgage investment fund.
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NEW YORK, Jan. 23 -- Struggling student loan giant Sallie Mae reported Wednesday that it lost $1.6 billion during the fourth quarter of 2007, a sharp reversal from its $18 million profit during the corresponding period a year earlier.
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A deal for Countrywide and airline consolidation had investors in a tizzy as trading closed in New York.
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General Electric Co.  and Abbott  Laboratories Inc.  said on Wednesday they had terminated  a proposed $8 billion deal for GE to buy two Abbott businesses  because they couldn&#39;t agree on final terms.
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SEATTLE - Real estate information start-up Zillow Inc. said late yesterday it closed a $30 million round of financing.
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US student loan firm Sallie Mae drops its lawsuit against a consortium that walked away from taking it over.
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Sallie Mae  said on Wednesday  it plans to sell about $2.5 billion of stock and mandatory  convertible securities to help pay off derivatives contracts  that amounted to a bet that its share price would keep  increasing.
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Goldman Sachs and K.K.R. agreed to end their $8 billion buyout of Harman International, which makes speakers, and instead buy $400 million of the companyâs bonds.
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Congressional investigators are looking into Sallie Mae Chairman Albert L. Lord's sale of $18.3 million worth of company stock this month, just days before President Bush proposed a huge cut in subsidies to the lending industry that caused Sallie Mae shares to nosedive.
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Student lender Sallie Mae  said  on Wednesday the consortium that agreed to buy it for $25  billion does not expect to close the acquisition under the  terms of the merger agreement.
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SLM, the parent of Sallie Mae, which for years profited from placing large bets on its own stock going up, now faces a possible loss of more than $1 billion.
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U.S. buyout fund Lone Star said on  Thursday it was ending an agreement to sell Korea Exchange Bank  (004940.KS) to Kookmin Bank (060000.KS) in a $7.3 billion deal,  which has been subject to a long-running prosecutor probe.
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Shareholders get the short end of the drill stem in this buyout.
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Wheeling-Pittsburgh Corp., a metal products company, on Wednesday it has closed a public offering of 3.65 million common shares that helped raise $100 million to be used to pay down debt.
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Delphi Corp. said yesterday it has scrapped its agreement with a group of investors that was going to kick in up to $3.4 billion to help the struggling auto parts maker emerge from Chapter 11 bankruptcy protection.