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Article: Sallie Mae board approves reorganization plan, sets May 15 date for special shareholders meeting, and announces first quarter dividends.
- Article from:
- Business Wire
- Article date:
- January 24, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON--(BUSINESS WIRE)--Jan. 24, 1997--Sallie Mae announced Friday that its board of directors has approved a reorganization plan that will restructure the company as a fully private, state-chartered corporation.
The plan will be submitted to Sallie Mae shareholders for their approval at a special meeting on May 15.
"Sallie Mae has created tremendous value for shareholders," said William Arceneaux, chairman of the board. "The stock price has more than tripled during a period of intense competition which has challenged this company's core business.
"Management has built profitable market share, streamlined expenses, managed capital ...