Business
Sallie Mae Increases Price Range and Extends the Expiration Date of Cash Tender Offer to Purchase Up to $1 Billion in Value of Shares of its Common Stock
NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae® (Nasdaq: SLM), formally SLM Corporation, announced today it is amending its previously announced tender offer
About this update from Slm Corporation
[{"type":"text","content":" NEWARK, Del.--(BUSINESS WIRE)--\nSallie Mae® (Nasdaq: SLM), formally SLM Corporation, announced today it is amending its previously announced tender offer (the “Offer”) to purchase up to $1 billion in aggregate purchase price of its outstanding shares of common stock, par value $0.20 per share (the “Securities”). The Offer was originally set at a single per-Security purchase price of not greater than $15.00 nor less than $13.10 per share to the seller in cash, less any applicable withholding taxes and without interest. As amended, the Offer is now set at a single per-Security purchase price of not greater than $16.50 nor less than $14.40 per share to the seller in cash, less any applicable withholding taxes and without interest. Additionally, the Company announced that it is amending the Offer to extend the Expiration Date (defined below) from March 2, 2021 to March 10, 2021.\n\nAs the price range of the Offer has been increased as described above, stockholders who have already tendered Securities and indicated that they would be willing to sell their tendered Securities to the Company at the final purchase price determined by the Company under the Offer or whose tender is within the amended price range for purchase and who do not wish to change their tender, do not need to take any further action. All previous tenders by stockholders who did not indicate that they would be willing to sell their Securities at the final purchase price determined under the Offer and whose tender is not within the amended price range for purchase have been invalidated. Therefore, such stockholders, and any other stockholders who wish to tender their Securities in the Offer or change the number of Securities or the price at which they wish to tender such Securities in the Offer, must deliver an amended Letter of Transmittal to the depositary for the Offer on or prior to the Expiration Date.\n\nThe NASDAQ Global Select Market closing price of the Securities on Feb. 24, 2021, the last full trading day before today’s announcement, was $15.21 per share.\n\nThe Offer is made in accordance with the terms and subject to the conditions described in the Offer to Purchase, dated Feb. 2, 2021 (the “Offer to Purchase”), the Supplement to the Offer to Purchase, dated Feb. 25, 2021 (the “Supplement”) and the accompanying Amended Letter of Transmittal, dated Feb....