Illustration: Rebecca Zisser/Axios

Navient, a Wilmington, Del.-based student loan servicer, rejected a $3.2 billion takeover offer from Canyon Capital and Platinum Equity. The $12.50 per share bid was a 6.6% premium over Friday's closing price, with the WSJ reports that Navient wants more than $15 per share.

Why it matters: Navient is the subject of an early 2017 CFPB lawsuit claiming that it "illegally cheated" borrowers in a way that pushed them into default, along with other alleged malpractice. The company, of course, denies all of the charges, chalking it up to legal window dressing by the outgoing Obama administration.

  • Canyon holds a 10.38% stake in Navient (per S&P Capital IQ) and could launch a proxy fight later this month.

The bottom line: "One of Navient’s complaints about the offer is that it doesn’t address how to deal with the company’s lawsuits and regulatory matters. The company also said it believes the bidders don’t appear to have a plan for the roughly $10 billion of Navient’s debt that could come due in a change of control."— Cara Lombardo, WSJ

Go deeper: Lambda School raises $30 million in quest to tackle student debt

Go deeper

Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.