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Navient Corp, a student loan service provider, has rejected a $ 3.2 billion bid from two investors, a source close to the case told Reuters.
Navient's board of directors voted Monday to reject the $ 12.50 per share offer from Canyon Capital Advisors hedge funds and private equity firm Platinum Equity Advisors, saying it undervalues the company, according to the source.
The offer represents a premium of 6.6% over the closing price of Navient, set at $ 11.73 on Friday.
Navient's advisers had told Canyon that it would cost more than $ 15, the the Wall Street newspaper reported Monday, citing people familiar with the subject.
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