Acquirer Waives Merger Restriction, Allows Pro-Rated Dividend for Two Harbors Shareholders

summarizeSummary

Two Harbors' acquirer, CrossCountry Mortgage, has waived a merger agreement restriction, allowing Two Harbors to pay a pro-rated dividend to shareholders for the closing quarter.

check_boxKey Events

• Merger Agreement Restriction Waived

  CrossCountry Intermediate Holdco, LLC (CCM) delivered a letter irrevocably waiving a restriction in the merger agreement, allowing Two Harbors to pay a pro-rated dividend.

• Pro-Rated Dividend Approved

  Two Harbors is now permitted to declare and pay a pro-rated dividend on its common stock for the quarter in which the proposed merger closes, up to $0.34 per share.

• Shareholder Benefit

  This dividend ensures Two Harbors stockholders of record immediately prior to the merger's effective time will receive a payment for the partial quarter, conditioned on the merger closing.

auto_awesomeAnalysis

CrossCountry Mortgage has agreed to waive a restriction in the merger agreement, enabling Two Harbors to pay a pro-rated dividend to its shareholders for the quarter in which the acquisition closes. This ensures shareholders receive a portion of the regular dividend that might otherwise be forfeited due to the timing of the merger, adding a positive financial benefit to the ongoing acquisition process.