UWM Holdings Corp. Reaffirms $12.00/Share Acquisition Offer for Two Harbors, Addresses Financing Concerns

summarizeSummary

UWM Holdings Corp. publicly challenged Two Harbors' board for rejecting its $12.00 per share acquisition offer, reaffirming its bid and clarifying financing details.

check_boxKey Events

• Reaffirms Acquisition Offer

  UWM Holdings Corp. reiterated its $12.00 per share acquisition proposal for Two Harbors Investment Corp., asserting its superiority over a competing $11.30 offer.

• Addresses Financing Concerns

  UWMC confirmed a committed, unsecured $1.3 billion bridge facility from Mizuho Bank, Ltd., and noted the removal of customary due diligence conditions to facilitate the deal.

• Publicly Challenges Two Harbors Board

  UWMC criticized Two Harbors' board for rejecting the higher offer and preventing stockholders from receiving greater value, stating it is exploring further options.

auto_awesomeAnalysis

UWM Holdings Corporation (UWMC) has publicly responded to Two Harbors Investment Corp.'s (TWO) rejection of its $12.00 per share acquisition proposal. UWMC asserts its offer is superior to Two Harbors' alternative $11.30 per share transaction with CrossCountry Mortgage, LLC. The company addressed Two Harbors' concerns regarding financing by confirming a committed, unsecured $1.3 billion bridge facility from Mizuho Bank, Ltd., with key conditions removed to facilitate closing. UWMC is assessing further options to ensure Two Harbors' stockholders can realize the higher value. This indicates an ongoing, contested M&A situation.