Two Harbors Warns of Significant Stock Price Decline if CCM Merger Not Approved Today
TWO sits 40% above its 52-week low of $8.78.
Summary
Two Harbors is making a final plea to shareholders to approve the CrossCountry Mortgage (CCM) acquisition today, warning of a significant stock price decline if the transaction is rejected. This follows months of negotiations and SEC filings, including an amended all-cash offer of $12.00 per share plus a pro-rated dividend, and the rejection of a competing, devalued stock offer from UWMC. The company emphasizes the certainty of the cash deal against the risk of value destruction. The shareholder vote is scheduled for today.
At the time of this announcement, TWO was trading at $12.27 on NYSE in the Real Estate & Construction 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.