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.
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