Two Harbors Adjourns Special Meeting to Solicit More Votes for $12.00/Share Cash Merger
TWO sits 41% above its 52-week low of $8.78.
Summary
Two Harbors has postponed its shareholder vote on the CrossCountry Mortgage acquisition to June 11, 2026, to gather more support for the $12.00 per share cash deal, while strongly advising against a competing UWMC proposal.
Key Events · M&A and Partnerships · TWO
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Special Meeting Adjourned
The special meeting of stockholders for the proposed acquisition by CrossCountry Intermediate Holdco, LLC has been adjourned from May 28, 2026, to June 11, 2026, at 10:00 a.m. Eastern Time.
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Purpose of Adjournment
The adjournment provides additional time to engage with stockholders and solicit more proxies in favor of the acquisition.
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Board Unanimously Recommends CCM Transaction
The Board of Directors unanimously recommends stockholders vote "FOR" the CCM transaction, reiterating the $12.00 per share all-cash offer plus a pro-rated stub dividend.
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Counters Competing UWMC Proposal
The company detailed deficiencies in UWMC's alternative proposal, citing structural issues, inadequate deal certainty, and potential disadvantage to a significant portion of stockholders.
Analysis · TWO · Real Estate & Construction
Two Harbors Investment Corp. has adjourned its special meeting of stockholders until June 11, 2026, to allow more time to secure shareholder approval for its all-cash acquisition by CrossCountry Intermediate Holdco, LLC. The board unanimously recommends the $12.00 per share cash offer, plus a pro-rated stub dividend, emphasizing its certainty and advanced regulatory approvals, while actively countering an alternative proposal from UWMC due to its structural deficiencies and lack of deal certainty. This adjournment indicates the company is working diligently to ensure the merger's completion.
At the time of this filing, TWO was trading at $12.38 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.