Michael Price, the billionaire value fund manager, raised his Sallie Mae stake after the company cut its profit forecast and said another buyer may emerge now that private-equity firm J.C. Flowers & Co. has ruled out a new bid.
MFP Investors LLC, Price's investment firm, bought shares of the Sallie Mae, the largest U.S. student-loan provider, yesterday and today, he said in an interview with Bloomberg TV. The Reston, Virginia-based company will either turn itself around or another bidder may come along, he said.
``Somebody's going to bring values out here,'' said Price, who owned 315,000 shares of SLM Corp., as the company is formally known, as of Sept. 30. A buyer might step forward ``once the financing markets return somewhat to normal.''
Price, 56, buys stocks he considers inexpensive but are shunned by others. He said the controlling family of McClatchy Co., whose stock is down 67 percent this year, may take the newspaper publisher private. American International Group Inc., which has tumbled 20 percent this year amid losses linked to mortgage investments, is ``one of my favorite stocks,'' he said.
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MFP Investors LLC, Price's investment firm, bought shares of the Sallie Mae, the largest U.S. student-loan provider, yesterday and today, he said in an interview with Bloomberg TV. The Reston, Virginia-based company will either turn itself around or another bidder may come along, he said.
``Somebody's going to bring values out here,'' said Price, who owned 315,000 shares of SLM Corp., as the company is formally known, as of Sept. 30. A buyer might step forward ``once the financing markets return somewhat to normal.''
Price, 56, buys stocks he considers inexpensive but are shunned by others. He said the controlling family of McClatchy Co., whose stock is down 67 percent this year, may take the newspaper publisher private. American International Group Inc., which has tumbled 20 percent this year amid losses linked to mortgage investments, is ``one of my favorite stocks,'' he said.
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