UWMC Reaffirms $12.50/Share Bid for Two Harbors, Blasts TWO Board in Open Letter
UWMC is trading near its 52-week low of $2.59 (2.3% above the low).
Summary
UWM Holdings Corp. (UWMC) has reaffirmed its commitment to acquire Two Harbors Investment Corp. (TWO) for $12.50 per share, offering cash or UWMC stock. UWMC issued an open letter to TWO stockholders, criticizing TWO's board for delaying and rejecting UWMC's proposal in favor of an 'inferior' deal with CrossCountry Mortgage. This follows a series of SEC filings since early May where UWMC increased its offer and launched a proxy fight, urging TWO shareholders to vote against the rival transaction. UWMC is intensifying its hostile takeover attempt, directly appealing to shareholders and highlighting perceived governance issues at TWO, which could force the board to engage or risk further shareholder dissent.
At the time of this announcement, UWMC was trading at $2.65 on NYSE in the Finance sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $2.59 to $7.14. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.