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The $25.3 billion offer for Sallie Mae parent SLM Corp. is expected to gain shareholder approval tomorrow, but the buyers themselves might back out.
The prospective investors are uncertain whether the deal will go through, Keefe Bruyette & Woods Inc. analyst Sameer Gokhale told Bloomberg. Early this month, the buyers, led by J.C. Flowers & Co., warned that “conditions” necessary for closing might not be met.
The reason is that President Bush and Congress want to cut education-loan subsidies by $16 billion to $19 billion. Reston, Va.-based SLM originates and services education loans.
Sallie Mae employs 2,300 workers in Fishers and another 500 in Muncie.
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