SlideUp or Slidedown only manipulates the height of elements. If you want to move the content inside that manipulated element, you need to create a custom animation.
Run an animation to outer, which manipulates the height and a second animation to inner, which manipulates the css top property.
<div class="outer">
<div class="inner">
</div>
</div>
Otherwise you can set the position of inner absolute to the bottom of outer something like this.
.outer {
position:relative;
height:200px;
display:none;
width:300px;
overflow:hidden;
}
.outer > .inner {
position:absolute;
width:300px;
height:200px;
background-color:red;
bottom:0px;
}
<div class="outer">
<div class="inner">
Content<br />Content<br />Content
</div>
</div>