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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

34 mins ago - Politics & Policy

Biden's latest executive order: Buy American

President Joe R. Biden speaks about the economy before signing executive orders in the State Dining Room at the White House on Friday, Jan 22, 2021 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images)

President Joe Biden will continue his flurry of executive orders on Monday, signing a new directive to require the federal government to “buy American” for products and services.

Why it matters: The executive action is yet another attempt by Biden to accomplish goals administratively without waiting for the backing of Congress. The new order echoes Biden's $400 billion campaign pledge to increase government purchases of American goods.

Tech digs in for long domestic terror fight

Illustration: Sarah Grillo/Axios

With domestic extremist networks scrambling to regroup online, experts fear the next attack could come from a radicalized individual — much harder than coordinated mass events for law enforcement and platforms to detect or deter.

The big picture: Companies like Facebook and Twitter stepped up enforcement and their conversations with law enforcement ahead of Inauguration Day. But they'll be tested as the threat rises that impatient lone-wolf attackers will lash out.

The pandemic could be worsening childhood obesity

Illustration: Aïda Amer/Axios

The 10-month long school closures and the coronavirus pandemic are expected to have a big impact on childhood obesity rates.

Why it matters: About one in five children are obese in the U.S. — an all-time high — with worsening obesity rates across income and racial and ethnic groups, data from the National Health and Nutrition Examination Survey show.