Sallie Mae

Alternative asset manager The Blackstone Group is reportedly preparing a bid for US student loan provider Sallie Mae, once it resolves its dispute over a JC Flowers-led consortium’s abandoned $25 billion bid.

US student lender Sallie Mae will accept a $30 billion refinancing in lieu of a JC Flowers-led buyout. Meanwhile, Blackstone has told Alliance Data it does not think the company can meet closing conditions for a $6.43 billion acquisition.

Alternative asset manager The Blackstone Group is reportedly preparing a bid for US student loan provider Sallie Mae, once it resolves its dispute over a JC Flowers-led consortium’s abandoned $25 billion bid.

JC Flowers reportedly sent a letter to its limited partners today telling them they may have to pay $192 million in breakup fees to Sallie Mae.

JC Flowers reportedly sent a letter to its limited partners today telling them they may have to pay $192 million in breakup fees to Sallie Mae.

Sallie Mae has rejected a revised bid from the JC Flowers-led consortium that would have cut the value of the $25 billion buyout by up to $4 billion.

JC Flowers reportedly sent a letter to its limited partners today telling them they may have to pay $192 million in breakup fees to Sallie Mae.

Sallie Mae has rejected a revised bid from the JC Flowers-led consortium that would have cut the value of the $25 billion buyout by up to $4 billion.

The past 12 months have brought unprecedented turmoil to markets everywhere, and the private equity industry suffered profound ripple effects from many of the year’s most dramatic events.

Private equity managers can strategically execute “Material Adverse Change” clauses to renegotiate deals in their favour –though doing so brings significant reputational risk.

The bank’s transition into asset-based lending for private equity-backed deals could be part of a niche financing trend for medium sized banks, says Amalgamated investor Wilbur Ross.

Private equity managers can strategically execute “Material Adverse Change” clauses to renegotiate deals in their favour –though doing so brings significant reputational risk.

Private equity managers can strategically execute “Material Adverse Change” clauses to renegotiate deals in their favour – though doing so brings significant reputational risk.

Cerberus’ abandoned deal to acquire US hotel chain Innkeepers may signal a return of firms exercising Material Adverse Change or Material Adverse Effect Clauses in response to global market uncertainty.

The banks have vowed to 'vigourously' fight the lawsuits, while a Texas judge has issued a temporary restraining order compelling them to fund the take-private bid.

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