'Sallie Mae not {sell},' buyers threaten (CNNMoney.com)

[eppur_se_muova]

The student loan company's buyers warn that legislative proposals could scuttle deal; shares sink.
July 11 2007: 3:10 PM EDT

WASHINGTON (Reuters) -- Shares in student loan firm Sallie Mae were hit hard Wednesday after its buyers indicated current legislative proposals could threaten the $25 billion takeover deal.

Shares in Sallie Mae, formally known as SLM Corp., went down more than 14 percent after the announcement, but slowly seemed to be regaining ground later in the day.

Sallie Mae in April accepted a takeover proposal from private equity firms J.C. Flowers and Friedman Fleischer & Lowe, as well as JPMorgan Chase (up $0.50 to $48.01, Charts, Fortune 500) and Bank of America (down $0.05 to $48.31, Charts, Fortune 500).
Sallie Mae's private side

On Wednesday, Sallie Mae said the acquiring group said it believes that current legislative proposals before the U.S. House of Representatives and U.S. Senate "could result in a failure of the conditions to the closing of the merger to be satisfied."
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more: http://money.cnn.com/2007/07/11/news/companies/salliemae_takeover.reut/index.htm

What terrible things is Congress up to? They plan to boost aid to students and universities, while cutting subsidies to SLMA and other lenders! Oh, woe! :sarcasm: