Elliott Associates, L.P. and Elliott International, L.P. together with affiliated entities ("Elliott"), which together own over 20% of SLM Solutions Group AG ("SLM") shares, announced that Elliott intends to reject GE Germany Holdings AG's ("GE") current tender offer for the outstanding shares of SLM.
Elliott believes that GE's offer is not in the best interests of SLM shareholders. As a result, we will reject GE Germany Holdings AG's tender offer for the outstanding shares of SLM on its current terms.
GE announced that it will not extend or change the terms of the tender offer for the outstanding shares of SLM Solutions before expiration of the acceptance period. The acceptance period expires on Monday, October 24.
GE has offered 38 € per share, which is a 38% premium over the SLM stock price as of September 5, the day before GE made its public offer. The minimum acceptance condition is more than 75%.
GE announced today that the minimum acceptance condition for tendered shares of SLM Solutions of Germany was not satisfied at the time of the expiration of the acceptance period on Monday, October 24. Consequently, the offer has lapsed.