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BUSINESS
January 29, 2008 | From Times Wire Services
Faced with growing near-term financial pressures, Sallie Mae has dropped its lawsuit against the banks and investors that walked away from buying it in a deal to refinance $30 billion in debt. The nation's largest student lender said it would no longer seek a $900-million breakup fee from investors led by private-equity firm J.C. Flowers & Co. Instead, it has agreed to new terms on $31 billion in financing being provided by seven banks, including JPMorgan Chase & Co. and Bank of America Corp.
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BUSINESS
April 12, 2008 | From Bloomberg News
J.C. Flowers & Co. offered to pay $3 billion for a 90% equity stake in Bear Stearns Cos. one day before JPMorgan Chase & Co. agreed to buy the securities firm for about $240 million. The March 15 proposal from Flowers, the private equity firm founded by former Goldman Sachs Group Inc. banker J. Christopher Flowers, fell apart the next day when his company failed to get bank financing and Federal Reserve backing, according a regulatory filing from JPMorgan on Friday.
BUSINESS
October 18, 2005 | From Bloomberg News
Refco Inc., the futures broker reeling from a bad-debt scandal, said late Monday that it had signed a preliminary agreement to sell its futures units to a group led by buyout firm J.C. Flowers & Co. for $768 million. The company also said it had filed for bankruptcy protection. New York-based Refco is moving forward with a sale to the Flowers-led group amid protests from would-be rivals.
BUSINESS
October 25, 2005 | From Reuters
Private equity firm J.C. Flowers & Co. on Monday withdrew its bid for the futures brokerage business of Refco Inc. as other suitors joined the race, including a partnership of Los Angeles billionaire Ron Burkle and the Dubai government. Flowers pulled its $768-million bid after a U.S. Bankruptcy Court judge said it must sharply reduce a break-up fee included in the deal. U.S. broker-dealer Interactive Brokers Group has made the highest known offer.
BUSINESS
May 3, 2007 | From Bloomberg News
Citigroup Inc. said Wednesday that it had agreed to pay $1.47 billion for Bisys Group Inc., which provides accounting and administrative services to hedge funds and private equity firms. The acquisition of Roseland, N.J.-based Bisys could help Citigroup, the biggest U.S. bank, compete against rivals such as JPMorgan Chase & Co. in serving alternative-asset managers, including hedge funds, the fastest-growing part of the investment industry.
BUSINESS
November 6, 2007 | From Times Wire Services
SLM Corp., the top U.S. student-loan provider, will wait until at least July 14 for a trial over whether it should get a $900-million break-up fee from a group led by buyout firm J.C. Flowers & Co. after a takeover deal failed. Delaware Chancery Court Judge Leo Strine Jr. said Monday that the trial could be postponed further if SLM, known as Sallie Mae, pushes for a pretrial ruling on the interpretation of the buyout contract. Sallie Mae sued the investment group, including JPMorgan Chase & Co.
BUSINESS
July 12, 2007 | From Bloomberg News
SLM Corp., the largest U.S. provider of student loans, said Wednesday that the group planning to buy the company might scuttle the $25-billion deal because of congressional plans to cut lender subsidies. Shares of the company, known as Sallie Mae, plunged $5.65, or 9.8%, to $52.15. The buyers, led by private equity firm J.C. Flowers & Co., warned the company that the pending legislation "could result in a failure" to close the purchase, Reston, Va.-based SLM said in a statement.
BUSINESS
October 13, 2007 | From the Associated Press
A consortium headed by billionaire Richard Branson's Virgin Group Ltd. offered to rescue Northern Rock by proposing a plan Friday to inject cash into the struggling mortgage lender and rebrand it Virgin Money. Under the plan, put forward by a consortium of Asian and U.S. investors led by Virgin, Northern Rock would be renamed in return for equity.
BUSINESS
October 3, 2007 | From Reuters
The consortium that agreed to acquire Sallie Mae said Tuesday that it had sent a revised proposal to the student lender offering to pay $50 a share in cash plus warrants that could result in an extra payout. But Sallie Mae responded by saying it expected the buyers to honor their original contract. The group had agreed to pay $60 a share, or $25 billion, for Sallie Mae in April. Since then, legislation slashing subsidies to student lenders and a serious credit squeeze have jeopardized the deal.
BUSINESS
January 19, 2008 | From the Associated Press
A $25-billion collapsed buyout offer and higher borrowing costs have prompted Sallie Mae, the nation's largest student lender, to lay off about 3% of its workforce nationwide. The embattled SLM Corp. said Friday that it would slash 350 jobs from a staff of 11,000 to help cut costs 20% by 2010. "The tightening credit markets have made our costs higher," spokesman Tom Joyce said. The company lost $344 million in its latest reported quarterly results and said additional layoffs were likely.
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