MergerMay 8, 2026, 07:21 AM
Two Harbors Amends Merger Agreement, Increases Cash Offer to $12.00/Share
AI Summary
Two Harbors Investment Corp. announced a Second Amendment to its merger agreement with CrossCountry Intermediate Holdco, LLC (CCM), increasing the all-cash consideration for Two Harbors common stock to $12.00 per share, up from $11.30. The termination fee payable by Two Harbors to CCM under certain circumstances was also increased from $50.0 million to $51.0 million. The amendment also updates financing provisions to reflect a new $1.4 billion unsecured financing commitment, and Two Harbors' Board of Directors unanimously reaffirmed its recommendation for the merger.
Key Highlights
- Two Harbors common stock will be converted into the right to receive $12.00 per share in cash, up from $11.30.
- The consideration represents a $0.70 per share increase.
- The termination fee payable by Two Harbors to CCM is increased from $50.0 million to $51.0 million.
- The Second Amendment updates financing provisions to reference a $1.4 billion unsecured financing commitment.
- Two Harbors' Board of Directors unanimously reaffirmed its recommendation for the merger.
- The CCM transaction is expected to close in the third quarter of 2026.
- 35 of 53 required state mortgage licensing approvals have been obtained.