The Student Loan Corp. Announces Stockholder Approval of Sale of Assets to Affiliates of Sallie Mae & Merger Agreement with D...
17 December 2010 - 9:46AM
Business Wire
The Student Loan Corporation (NYSE: STU), today announced that
stockholders of The Student Loan Corporation (“SLC”): (i) approved
the sale of certain of SLC’s assets to SLM Corporation (“Sallie
Mae”) and (ii) adopted the Merger Agreement among SLC, Discover
Bank (“Discover”) and a subsidiary of Discover and approved the
merger pursuant to which SLC will become a wholly-owned subsidiary
of Discover and each SLC stockholder will receive $30.00 per share
of SLC common stock.
The affirmative vote of the holders of a majority of the
outstanding shares of common stock of SLC was required to approve
each transaction. According to the final tally of shares voted,
more than 95 percent of the outstanding shares of common stock of
SLC as of the close of business on November 1, 2010 voted to
approve the transactions.
The consummation of the merger remains subject to the
satisfaction of certain other closing conditions set forth in SLC’s
Asset Purchase Agreement with Sallie Mae and SLC’s Merger Agreement
with Discover and discussed in detail in the Definitive Proxy
Statement on Schedule 14A filed with the Securities and Exchange
Commission by SLC on November 2, 2010 and amended and supplemented
by the Supplements to the Proxy Statement dated November 26, 2010
and December 2, 2010. Assuming all conditions are satisfied, the
parties expect that the merger will be completed by December 31,
2010.
The Student Loan Corporation (NYSE: STU) is one of the nation's
leading originators and holders of student loans providing a full
range of education financing products and services to meet the
needs of students, parents, schools and lenders. The company was
previously a division of Citibank and became a NYSE-listed
corporation in 1992. Citibank, N.A. is the majority shareholder.
Citibank was one of the first banks to finance higher education,
beginning in 1958.
For information or inquiries regarding student loans, please
call 1-800-STUDENT. Customers with Telecommunication Devices for
the Deaf (TDD) may call 1-800-846-1298. College planning and
financing information is also available at www.studentloan.com.
Additional Information about the Merger
and Where to Find It
In connection with these proposed transactions, The Student Loan
Corporation (the "Company") filed a proxy statement with the
Securities and Exchange Commission ("SEC"). STOCKHOLDERS ARE URGED
TO READ THE PROXY STATEMENT FILED WITH THE SEC CAREFULLY AND IN ITS
ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION. Stockholders are able to obtain the proxy
statement and all other relevant documents filed by the Company
with the SEC free of charge at the SEC's Web site www.sec.gov or
from The Student Loan Corporation, Investor Relations Department,
at 750 Washington Blvd., Stamford, Connecticut, 06901, Telephone
(203) 975-6320.
Forward-Looking
Statements
Certain statements in this document are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More
information about these factors is contained in the Company's
filings with the U.S. Securities and Exchange Commission.
Student Loan (NYSE:STU)
Historical Stock Chart
From Nov 2024 to Dec 2024
Student Loan (NYSE:STU)
Historical Stock Chart
From Dec 2023 to Dec 2024