Two Harbors Rejects UWMC's Enhanced $12.50 Per Share Acquisition Offer
UWMC is trading near its 52-week low of $3.08 (1.6% above the low).
Summary
Two Harbors Investment Corp. has formally rejected UWM Holdings Corp.'s increased acquisition proposal of $12.50 per share in cash or 2.3328 UWMC shares. This rejection follows UWMC's updated offer on May 11th and a recent recommendation from proxy advisory firm ISS for Two Harbors stockholders to vote against the proposed merger. The decision marks a significant setback for UWMC's strategic efforts to acquire Two Harbors, potentially impacting its growth trajectory and capital deployment plans. Traders will now monitor UWMC's response, including any potential for a further revised offer, a hostile bid, or the abandonment of this acquisition attempt.
At the time of this announcement, UWMC was trading at $3.13 on NYSE in the Finance sector, with a market capitalization of approximately $5B. The 52-week trading range was $3.08 to $7.14. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.