UWM Holdings Declines to Bid, Solidifying Two Harbors' $12.00/Share Merger
TWO sits 41% above its 52-week low of $8.78 on light trading volume (0.3× avg).
Summary
UWM Holdings did not submit a competing acquisition proposal or address Two Harbors' longstanding concerns during a recent waiver period. This follows a series of M&A updates for Two Harbors, which most recently amended its all-cash merger agreement with CrossCountry Mortgage to $12.00 per share on May 11th. The absence of a competing bid from UWM Holdings removes a potential alternative suitor, thereby solidifying the existing acquisition agreement with CrossCountry Mortgage and reducing uncertainty regarding a higher offer.
At the time of this announcement, TWO was trading at $12.36 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 neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.