Canyon said Navient issued its statement on Monday while Canyon was discussing the matter with Navient Chairman William Diefenderfer and Chief Executive Jack Remondi over the phone. Navient said it had rejected a bid from Canyon and Platinum Equity 10 months after Canyon disclosed a significant stake in the company and said it would push for board changes. The price offered "substantially undervalues the company and is not in the best interests of Navient or its stockholders," the Wilmington, Del., company said in a statement. The offer is a 6.6% premium over Navient's Feb. 15 closing price of $11.73. The proposal puts Navient in Canyon's crosshairs — Canyon is its largest equity holder, with 10% of the company's shares. Navient has struggled since it lost its position as the biggest servicer of student loans and has faced several lawsuits from state attorneys general who have alleged misconduct.