SLM - Sallie Mae buys back 28.5M shares in modified Dutch auction; stock gains 4.1%

Sallie Mae (SLM) stock rises 4.1% after the student loan company says it will buy back ~28.5M shares of its common stock according to preliminary results of its "modified Dutch Auction" tender offer.The company will pay $16.50 per share, the high end of its offer range, for an aggregate cost of ~$470.6M. The shares represent ~7.8% of Sallie Mae's  shares of common stock outstanding at March 9, 2021.That's less than half the $1B it had offered to repurchase. As a result, there will be no proration factor.SLM shares closed Wednesday at $16.44.

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Sallie Mae buys back 28.5M shares in modified Dutch auction; stock gains 4.1%