Two Harbors Board Unanimously Rejects UWMC's Revised $12.50 Proposal, Reaffirms $12.00 Cash Merger with CrossCountry
TWO sits 44% above its 52-week low of $8.78.
Summary
Two Harbors' Board unanimously rejected UWMC's latest acquisition offer, calling it predatory and uncertain, and reaffirmed its recommendation for the $12.00 per share all-cash merger with CrossCountry Mortgage.
Key Events · M&A and Partnerships · TWO
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Board Unanimously Rejects UWMC Proposal
Two Harbors' Board of Directors unanimously rejected UWM Holdings Corporation's (UWMC) revised unsolicited acquisition proposal, deeming it not a "Company Superior Proposal" under the terms of its agreement with CrossCountry Mortgage.
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Reaffirms CrossCountry Merger Recommendation
The Board reiterated its unanimous recommendation for the $12.00 per share all-cash acquisition by CrossCountry Mortgage, highlighting its superior certainty and value.
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Cites Significant Risks in UWMC Offer
The rejection detailed concerns about UWMC's proposal, including an "illusory" $12.50 cash headline with a default to $7.58 stock, UWMC's deteriorating financial condition, and significant closing risks.
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Shareholder Vote Imminent
The special meeting for stockholders to vote on the CrossCountry transaction is scheduled for May 19, 2026.
Analysis · TWO · Real Estate & Construction
Two Harbors' Board of Directors has unanimously rejected UWM Holdings Corporation's (UWMC) revised unsolicited acquisition proposal, citing its "illusory" cash headline, significant closing risks, and UWMC's deteriorating financial condition. The Board strongly reiterated its recommendation for the all-cash $12.00 per share merger with CrossCountry Mortgage, emphasizing its superior certainty and value ahead of the May 19th shareholder vote.
At the time of this filing, TWO was trading at $12.65 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 positive market sentiment and an importance score of 9 out of 10.