The Student Loan Service Provider Navient Corp. Rejected a US $ 3.2 billion bid from two investors, a source familiar with the matter. Navient Board voted on Monday to decline $ 14.5 per share of Canyon Capital Adviser's hedge fund According to the source, the company believes the company has undervalued the company.
The bid represents a premium of 6.6 percent over Navient's closing price on Friday of $ 11.73 per share.
The consultants at Navient said they would do so for a price of more than $ 15 US dollars, the Wall Street Journal reported Monday, citing persons who are familiar with the matter.