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Navient Corporation (NAVI) approached by Canyon Capital Advisors and Platinum Equity

  • February 19, 2019


StockNavient CorporationSymbolNAVI
Date Announced02/18/2019Source Press release
TypeCompany Seeking Strategic Alternatives

Navient (NAVI) announced that it has received a highly conditional unsolicited “expression of interest” from Canyon Capital Advisors LLC and Platinum Equity Advisors, LLC to acquire the Company for $12.50 per share in cash, which represents a premium of only 6.6% over Navient’s most recent closing price on February 15, 2019 of $11.73 per share and a discount of 2.8% to the one-year volume-weighted average price of $12.86 per share.


February 19, 2019: Canyon Partners Issues Letter in Response to Navient Corporation’s (NAVI) Letter and Press Release that it’s prepared to engage with Navient on issues it discovered during the due diligence in the hope of ultimately arriving at a mutually satisfactory acquisition agreement.

February 20, 2019: Canyon Capital Advisors LLC (together with certain of its affiliates, “Canyon”), today announced that it has withdrawn its February 15, 2019 initial expression of interest to acquire Navient Corporation (NAVI) and stated that it does not intend to participate in any acquisition process at this time.

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