Navient rejects $3.2 bln offer from Canyon Capital, Platinum Equity: Wall Street Journal

Navient Corp has rejected a $3.2 billion offer from Canyon Capital and Platinum Equity Advisors LLC because it’s too low, the Wall Street Journal reported. Navient, of Wilmington, Delaware, is a student loan servicer. UPDATE: On Navient’s response to the bid, a company spokesperson made the following statement: “Navient’s Board has been clear that it would consider any bona fide, fully-financed proposal that appropriately reflects the fair value of the Company and has a viable path to completion. The price Canyon indicated substantially undervalues the Company, and Canyon has not provided any substantive information on financing. Prior to today, Canyon has not indicated any willingness to increase its price, and nothing in Canyon’s February 15 letter indicated any willingness to increase its price above $12.50. Of course, we are willing to meet with Canyon. We are always prepared to meet with our significant shareholders.”