Sherborne Investors Amends Agreement with Navient Corp (NAVI)
Key Summary: Sherborne Investors Management disclosed a 6.8% stake in March 2022, engaging with the company on capital allocation, strategy, and board representation. By March 18, 2022, it increased its stake to 19.4% and later to 19.7%, entering a Nomination and Cooperation Agreement on April 14, 2022, to nominate Edward Bramson to the Board. On December 20, 2024, the agreement was amended, with Bramson set to become Chair after the 2025 annual meeting. In 2019, Canyon Capital Advisors nominated four board candidates, later securing two seats through an agreement in May. By January 2020, the firm had sold its entire stake in the company.
Market Cap: $5.1 billion| Navient Corp is a provider of asset management and business processing solutions for education, health care, and government clients at the federal, state, and local levels.
Sherborne Investors Management
- On March 4, 2022, Sherborne Investors Management disclosed a 6.8% active stake in the company. It stated that it has engaged in discussions with management regarding the company's capital allocation and future strategic direction. It has also discussed possible board representation. Source
- On March 11, 2022, Sherborne Investors Management increased its stake to 8.2%.
- On March 18, 2022, Sherborne Investors Management increased its stake to 9.3%.
- On March 18, 2022, Sherborne Investors Management increased its stake to 19.4%.
- On April 14, 2022, Sherborne Investors Management (19.7%) entered into a Nomination and Cooperation Agreement with the company under which Navient’s Board of Directors will nominate Edward Bramson, a partner in Sherborne Investors, for election to the Board at the upcoming annual meeting, scheduled for June 2, 2022.
- On December 20, 2024, Sherborne Investors and the company amended their Nomination and Cooperation Agreement for the second time. The Board agreed to appoint Edward J. Bramson as Chair, effective after the 2025 annual stockholders' meeting. Source
Canyon Capital Advisors
In April 2019, Canyon Capital Advisors nominated four candidates to the board. In May 2019, Canyon Capital Advisors reached an agreement with the company and secured two Board seats. In January 2020, Canyon Capital Advisors sold its entire stake in the company.
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