ISS Recommends Two Harbors Shareholders Vote Against CrossCountry Mortgage Merger
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Leading independent proxy advisory firm ISS has recommended that Two Harbors Investment Corp. (TWO) stockholders vote against the proposed merger with CrossCountry Mortgage (CCM) at the upcoming special meeting on May 19, 2026. This recommendation follows UWM Holdings Corp.'s (UWMC) increased acquisition offer of $12.50 per share for Two Harbors, which UWMC has actively promoted as superior to the CCM deal. ISS's report highlights concerns regarding the Two Harbors board's process and its failure to fully capitalize on competing bids, suggesting shareholders would benefit from rejecting the current transaction to encourage more productive engagement. This is a significant development in the ongoing M&A battle, as ISS recommendations are highly influential for institutional investors and could sway the vote, potentially forcing Two Harbors' board to reconsider UWMC's higher offer. Investors should closely watch the shareholder vote on May 19.
At the time of this announcement, TWO was trading at $12.65 on NYSE in the Finance sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $8.78 to $14.17. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.