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In the $25 billion buyout of SLM Corp (NYSE: SLM), also known as Sallie Mae, the buyers -- J.C. Flowers, Friedman Fleischer & Lowe, Bank of America (NYSE: BAC) and JP Morgan Chase & Co. (NYSE: JPM) – used the legal services of Wachtell Lipton Rosen & Katz as well as Sullivan & Cromwell LLP.Well, it looks like it was money well spent. According to a report in The Wall Street Journal, it looks like the SLM deal may come undone because of proposed legislation in Congress that would curtail the school loan industry. The private equity firms believe it would be a violation of the merger agreement. However, SLM disagrees. So, this could lead to even more legal fees and litigation.
SLM's stock is down about 8.65% to $52.80. The current buyout offer is $60 per share.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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