Two Harbors Adjourns Shareholder Vote on CrossCountry Mortgage Merger to May 28th
TWO sits 42% above its 52-week low of $8.78.
Summary
Two Harbors Investment Corp. has adjourned its special shareholder meeting for the CrossCountry Mortgage merger vote to May 28, 2026, to allow more time for proxy solicitation, while the board continues to unanimously recommend the deal.
Key Events · M&A and Partnerships · TWO
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Special Meeting Adjourned
The virtual special meeting of stockholders for the proposed acquisition by CrossCountry Intermediate Holdco, LLC has been adjourned to May 28, 2026, at 10:00 a.m. Eastern Time, to provide additional time for proxy solicitation.
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Board Recommends "FOR"
The Board of Directors continues to unanimously recommend that stockholders vote "FOR" the CrossCountry Mortgage transaction.
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Litigation Motion Denied
A plaintiff's motion for a temporary restraining order seeking to delay the stockholder vote was denied by the U.S. District Court, which found Two Harbors' proxy disclosures sufficient.
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Merger Terms Confirmed
The definitive merger agreement, as amended, provides for Two Harbors common stockholders to receive $12.00 in cash for each share, plus additional value from second and pro-rated third quarter dividends.
Analysis · TWO · Real Estate & Construction
The adjournment of the special meeting to approve the CrossCountry Mortgage acquisition indicates the company needs more time to secure shareholder votes. While the board unanimously recommends the deal, this delay introduces a degree of uncertainty regarding the transaction's timeline. However, a court ruling denied a motion to delay the vote, finding the company's disclosures sufficient, which removes a potential legal hurdle and supports the ongoing merger process.
At the time of this filing, TWO was trading at $12.50 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 filing was assessed with neutral market sentiment and an importance score of 8 out of 10.