12.44 0.00 (0.00%)
After hours: 4:55PM EST
|Bid||12.40 x 800|
|Ask||12.46 x 900|
|Day's Range||12.27 - 12.45|
|52 Week Range||8.23 - 15.02|
|Beta (3Y Monthly)||2.27|
|PE Ratio (TTM)||8.35|
|Earnings Date||Apr 22, 2019 - Apr 26, 2019|
|Forward Dividend & Yield||0.64 (5.51%)|
|1y Target Est||15.22|
“Navient is committed to maintaining a highly qualified, diverse and independent Board and to following good governance practices that create shareholder value and serve our customers, employees and communities. Navient shareholders do not need to take any action at this time. Morgan Stanley & Co. LLC is acting as financial advisor to Navient and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor.
LOS ANGELES, Feb. 21, 2019 /PRNewswire/ -- Canyon Capital Advisors LLC (together with certain of its affiliates, "Canyon"), today sent a letter to the board of directors (the "Board") of Navient Corporation ("Navient") (NAVI) proposing a minority slate of four nominees for election to the Board as independent directors at Navient's 2019 annual meeting of stockholders. As you know, Canyon Capital Advisors LLC (together with certain of its affiliates, "Canyon") is the investment advisor to funds and accounts that hold more than 25.6 million shares, over 10%, of the outstanding common stock of the Company. Canyon has been a Navient investor for years and is the Company's largest shareholder.
Stocks that moved substantially or traded heavily on Thursday: Avis Budget Group Inc., up $5.04 to $34.45 Higher pricing helped boost revenue for the car rental company and its quarterly profit beat forecasts. ...
declined 5.4% to $11.98 on Thursday after hedge fund Canyon Capital Advisors LLC withdrew its "expression of interest" to acquire the servicer of student loans. Earlier this week, Navient received a buyout offer worth about $3.2 billion but rejected the offer saying it "substantially undervalues" the company.
Navient stock is dropping 5.2 percent in pre-market trading. Canyon’s decision to withdraw its initial expression of interest “is a logical ‘next step’ and could encourage Navient to come to the table and eventually sell at a reasonable price,” Orenbuch wrote in a note. The alternative, he said, “entails a public fight for board seats and change in business strategy that would likely indicate greater focus on expenses, balance sheet and capital efficiencies.” Credit Suisse reiterates its outperform rating, price target of $13.50.
The food producer matched estimates with quarterly profit of 44 cents per share, but the maker of Spam, Dinty Moore, and other food brands saw revenue come up slightly short of Street forecasts. Separately, Hormel said PepsiCo PEP would pay $465 million in cash for its CytoSport. Hormel had announced that deal earlier this week, but had not disclosed the purchase price for the Muscle Milk maker at that time.
Canyon, which has about a 10% stake in the company, said it will propose a minority slate of candidates for election at Navient’s annual meeting. Canyon said the candidates would bring a fresh perspective and oversight to the company’s strategic direction. Navient’s board said Monday that it voted to turn down the $12.50-a-share proposal, worth about $3.2 billion, from Canyon Capital and private-equity firm Platinum Equity Advisors LLC, believing it undervalues the company and is lacking in other ways.
LOS ANGELES , Feb. 20, 2019 /PRNewswire/ -- Canyon Capital Advisors LLC (together with certain of its affiliates, "Canyon"), today announced that it has withdrawn its February 15, 2019 initial ...
Stocks that moved substantially or traded heavily on Tuesday: Walmart Inc., up $2.21 to $102.20 The giant retailer's earnings beat analysts' forecasts as online sales grew, as did its grocery pickup and ...
The alternative asset manager, whose $12.50-a-share bid was less than the $14 to $15 a share it had been expected to offer and was rejected, said Tuesday that it had “room to raise our price.” The earlier offer, rejected in a letter and press release Monday, represented a 23 percent premium over Navient’s average price during a two-month period, Canyon said. “While Canyon’s bankers initially were hopeful that an offer could be made at $14 to $15 a share, our due diligence raised material questions as to whether that would be justified,” Canyon said in a letter to Navient’s board dated Tuesday. Navient rose as much as 10 percent Tuesday, the biggest gain since November 2016.
The offer was rejected as being significantly below expectation and not enough information about future plans was provided. Canyon Capital Advisors said it was “surprised and frankly confused” by the company response.
Check out the companies making headlines midday Tuesday:Walmart WMT — Walmart shares gained more than 2 percent after the retailer posted better-than-expected earnings and revenue for the holiday quarter.
The board of Navient voted Monday to turn down the proposal of $12.50 a share from hedge fund Canyon Capital Advisors LLC and private-equity firm Platinum Equity Advisors LLC, The Wall Street Journal reported Monday. Navient issued a confirmation. "Navient's Board, in consultation with its financial and legal advisors, has carefully reviewed the expression of interest and unanimously determined that it substantially undervalues the Company and is not in the best interests of Navient or its stockholders.
LOS ANGELES, Feb. 19, 2019 /PRNewswire/ -- Canyon Capital Advisors LLC (together with certain of its affiliates, "Canyon"), today sent a letter to the board of directors of Navient Corporation ("Navient") (NAVI) in response to Navient's letter and press release issued on February 18, 2019. Canyon Capital Advisors LLC (together with certain of its affiliates, "Canyon") was surprised and frankly confused by the letter from Company Chairman Diefenderfer and the accompanying press release with respect to Canyon's indication of interest in acquiring the Company for $12.50 a share.
Investing.com - Student-loan giant Navient rallied Tuesday after Canyon Capital Advisors and Platform Equity Advisors hinted at making an improved offer after an initial $3.1 billion bid was rejected.
The retailer earned an adjusted $1.41 per share for the fourth quarter, beating estimates by 8 cents a share. Revenue also beat Wall Street forecasts. U.S. comparable-store sales rose 4.2 percent, topping the Refinitiv consensus of a 3.2 percent increase.
Navient Corporation (NAVI) rejects $3.2-billion (2.47 billion pounds) takeover bid offered by hedge fund Canyon Capital Advisors LLC and private-equity firm Platinum Equity Advisors LLC.
Navient Corp. has received a buyout offer worth about $3.2 billion from a pair of investors that the student-loan servicer rejected as too low. Navient’s board said Monday that it voted to turn down the $12.50-a-share proposal from hedge fund Canyon Capital Advisors LLC and private-equity firm Platinum Equity Advisors LLC, believing it undervalues the company and is lacking in other ways. The offer represents a 6.6% premium over Navient’s most recent closing price Friday of $11.73 a share.
By Liana B. Baker (Reuters) - Student-loan servicer Navient Corp has rejected a $3.2 billion (2.47 billion pounds) takeover bid from two investors as it believes the offer undervalues the company. Navient’s ...
Navient (NAVI) today announced that it has received a highly conditional unsolicited “expression of interest” from Canyon Capital Advisors LLC (“Canyon”) and Platinum Equity Advisors, LLC (“Platinum”) 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. Navient’s Board, in consultation with its financial and legal advisors, has carefully reviewed the expression of interest and unanimously determined that it substantially undervalues the Company and is not in the best interests of Navient or its stockholders. Therefore, Navient’s Board rejected the expression of interest.