Deal to Buy Sallie Mae in Jeopardy
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The consortium that had agreed to buy Sallie Mae for $25 billion may scuttle the deal if it is unable to negotiate a lower price.
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The companies said they could not agree on the savings the deal would bring or how to distribute the benefits.
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The private equity business hit bumps. A deal was struck for a possible Dow Jones sale, and the Supreme Court struck down a longstanding rule on product pricing.
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A group of private equity firms and banks have threatened to scuttle their planned $25 billion buyout of Sallie Mae, the student lender said on Wednesday, in the most dramatic sign yet that a once-booming takeover market may be cooling.
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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 Chairman Albert L. Lord sold $18.3 million worth of company stock last week, just days before the Bush administration unveiled a multibillion-dollar cut in subsidies to the lending industry that caused Sallie Mae shares to plummet.
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Student lending company Sallie Mae posted a fourth-quarter loss on Wednesday, citing higher provisions for loan losses due to the weakening credit markets.
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Aaron M. Feuerstein's ambitions to buy back control of Malden Mills Industries Inc. suffered a blow recently when a major real estate partner said it was no longer interested in continuing a financing agreement.
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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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Kenneth D. Lewis has gambled on bold acquisitions, but  few of his bets match a deal to buy Countrywide Financial Corporation.
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The parent company of Sallie Mae, the student lender, cut its profit forecast for 2008 on Wednesday and said that its offer to strike a new deal with a group of investors had been rejected.
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WASHINGTON -- Shares of Sallie Mae plunged Wednesday after the chief executive said the student lender would consider cutting its dividend next year to shore up its finances amid rising loan defaults and dwindling government subsidies.
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Bank of America Corp is in advanced talks to buy struggling Countrywide Financial Corp, the largest U.S. mortgage lender, several people familiar with the matter said on Thursday.
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Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis, is negotiating a sale to Bank of America.
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Embattled mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) was close to a deal with regulators late on Sunday that would force the company
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The market has been shaken by uncertainty surrounding bond insurers and whether they will be able to handle large losses in the value of mortgage-backed bonds.
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Sallie Mae's chairman yesterday said the student loan giant had offered to consider a new bid from buyout firm J.C. Flowers & Co., only to be rebuffed.