Sallie Mae reports $344-million loss
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Student lender Sallie Mae posted a third-quarter loss as Chairman Albert Lord told investors that it was still possible for a consortium that agreed to buy out the student lender for $60 a share in cash to complete the deal.
If the proposed $25-billion buyout of Sallie Mae, which has ended up in court, falls through, Lord said, he still believes the student lender’s future should be as a private company.
Sallie Mae lost $344 million, or 85 cents a share, compared with a profit of $263 million, or 60 cents, a year earlier.
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