NEW YORK -- Student lender SLM Corp. , commonly known as Sallie Mae, said Wednesday its shareholders approved the acquisition of the company by J.C. Flowers & Co., Bank of America Corp. and JPMorgan Chase & Co.

Sallie Mae said that under the agreement, shareholders will receive $60 per share in cash.

The student lender accepted the $25 billion leveraged buyout proposal in April. However, since then the buyers have threatened to scuttle the buyout, blaming proposals to cut government subsidies to student lenders.

After doubts surfaced about a deal, Sallie Mae's shares traded way below the offer price, and analysts have predicted that the $60-per-share price tag could be negotiated down by the buyers.

Sallie Mae shares were up 7 cents at $47.25 on Wednesday afternoon.

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