UWMC Challenges Two Harbors Board After Second Adjournment of Rival Merger Vote
Summary
UWM Holdings Corp. is leveraging the second delay of Two Harbors' rival merger vote to pressure the board into considering UWMC's higher acquisition offer, claiming stockholders reject the current deal.
Key Events
-
Rival Merger Vote Adjourned Again
Two Harbors' special meeting to vote on its proposed merger with CrossCountry Mortgage was adjourned for a second time, indicating continued stockholder resistance.
-
UWMC Pressures Two Harbors Board
UWM Holdings Corp. is publicly challenging the Two Harbors board, urging them to engage in good faith negotiations for UWMC's superior $12.50 per share acquisition offer.
-
Stockholder Will Cited
UWMC claims the repeated adjournment demonstrates that Two Harbors stockholders do not want the 'inferior' $12.00 per share CrossCountry Mortgage transaction.
-
Proxy Solicitation Continues
UWMC reaffirms its recommendation for Two Harbors stockholders to vote AGAINST the CrossCountry Mortgage transaction using UWMC's BLUE proxy card.
Analysis
UWM Holdings Corp. (UWMC) is intensifying its proxy battle to acquire Two Harbors Investment Corp. (TWO). This filing highlights the second adjournment of TWO's special meeting to vote on its proposed merger with CrossCountry Mortgage (CCM). UWMC interprets this delay as a rejection of the "inferior" CCM offer by TWO stockholders, strengthening UWMC's position in its attempt to acquire Two Harbors with its "superior" $12.50 per share offer.
At the time of this filing, UWMC was trading at $3.16 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.1B. The 52-week trading range was $2.83 to $7.14. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.