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Canyon pulls "interest" in Navient, plans to propose minority slate

Feb. 20, 2019 4:36 PM ETNavient Corporation (NAVI) StockBy: Liz Kiesche, SA News Editor1 Comment
  • Navient (NASDAQ:NAVI) drops 5.1% in after-hours trading after Canyon Capital Advisors withdraws its "expression of interest" to acquire the company.
  • Instead, Canyon will propose a minority slate of independent candidates for election at Navient's upcoming annual meeting.
  • After its interest of expression was rebuffed by Navient on Monday, Canyon says it doesn't intend to participate in any acquisition process at this time.
  • The proposed minority slate would "bring a fresh perspective and oversight to Navient's strategic direction, about which Canyon has significant concerns as a shareholder of over 10% of Navient's outstanding common stock," Canyon said.
  • Canyon says Navient has been using cash flows from legacy assets inherited from its Sallie Mae spinoff to acquire non-core businesses with uncertain growth and profitability prospects.
  • Previously: Navient surges 6.4% as Canyon's still willing to deal (Feb. 19)

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