Canyon Partners withdraws Navient indication of interest, to propose board slate
Canyon Capital Advisors announced that it has withdrawn its February 15, 2019 initial expression of interest to acquire Navient and stated that it does not intend to participate in any acquisition process at this time. Instead, Canyon will propose a minority slate of experienced and independent candidates for election at Navient's upcoming annual meeting to "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 added: "Contrary to public reports, Canyon never made an offer to acquire the Company. Rather, Canyon, a longstanding, significant shareholder of Navient, had been engaged with Navient over the past several months in a confidential and courteous process to explore a potential transaction. On February 15, Canyon provided an initial expression of interest at a level Canyon believed appropriate given the information it had and did not have. However, by letter and press release of February 17, Navient abruptly walked away from the parties' discussions, indicated it was unwilling to provide additional information Canyon had requested to address its concerns, and declined Canyon's request to extend the February 23 deadline for action at Navient's upcoming annual meeting. Accordingly, Canyon has withdrawn its expression of interest. Canyon will proceed to safeguard its and other shareholders' interests by nominating candidates to Navient's board so that independent, informed focus and oversight can be given to Navient's future direction."