Dear Stockholders:Merger Agreement • January 14th, 2005 • Education Lending Group Inc • Personal credit institutions
We are pleased to inform you that, on January 4, 2005, Education Lending Group, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with CIT Group Inc. (“Parent”) and CIT ELG Corporation (“Purchaser”), a newly formed corporation and wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, Purchaser has commenced an offer to acquire each issued and outstanding share of common stock, $0.001 par value, of the Company, including the associated preferred share purchase rights (the “Shares”) for $19.05 per Share in cash. If the tender offer is completed, Purchaser will thereafter be merged into the Company, with the Company surviving the merger and all of our then outstanding Shares (other than Shares held by Parent, Purchaser or stockholders who properly exercise appraisal rights under Delaware law) being cancelled and converted into the right to receive $19.05 per Share in cash. The tender offer is conditioned on, among other things, there
