The Student Loan Corporation Announces Adjournment of Special Meeting of Stockholders until December 16, 2010
December 02 2010 - 4:30PM
Business Wire
The Student Loan Corporation (NYSE: STU), today announced that
stockholders of The Student Loan Corporation (“SLC”) voted to
adjourn the special meeting of stockholders called to consider
resolutions to: (i) approve the sale of certain of SLC’s assets to
SLM Corporation (“Sallie Mae”) and (ii) adopt the Merger Agreement
among SLC, Discover Bank (“Discover”) and a subsidiary of Discover
and approve 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 special meeting of stockholders will be reconvened at 11:30
a.m. on December 16, 2010 at 399 Park Avenue, 12th Floor
auditorium, New York, New York 10022. The record date for the
meeting remains November 1, 2010. Stockholders who have previously
submitted their proxy or otherwise voted and who do not want to
change their vote need not take any action.
The Student Loan Corporation also announced that at a hearing on
December 1, 2010, the Court of Chancery in the State of Delaware
entertained a motion for a preliminary injunction and a motion for
partial summary judgment made by the plaintiffs in the consolidated
putative class action challenging the Company's previously
announced transactions with Discover, an affiliate of Sallie Mae
and Citigroup Inc. Following the hearing, the court declined to
grant either of the plaintiffs’ motions, thus permitting the
special meeting of stockholders and eventual closing of the
transactions to move forward.
The Student Loan
Corporation
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 DATED NOVEMBER 2, 2010 AND THE
SUPPLEMENT TO THE PROXY STATEMENT DATED NOVEMBER 26, 2010, EACH
FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY BECAUSE EACH
SUCH DOCUMENT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Stockholders are able to obtain the proxy statement
and the supplement to 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.
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