DealsMay 12, 2026, 01:12 PM
ISS Recommends Against Two Harbors-CCM Merger, Backs UWMC Offer
AI Summary
UWM Holdings Corporation (UWMC) announced that Institutional Shareholder Services (ISS), a leading independent proxy advisory firm, has recommended that stockholders of Two Harbors Investment Corp. vote AGAINST the CrossCountry Mortgage (CCM) merger proposal at the upcoming special meeting on May 19, 2026. ISS's report highlighted concerns about the Two Harbors Board's process and its failure to capitalize on UWMC's higher $12.50 or stock upside offer. UWMC views this as a validation of its position that rejecting the CCM merger is the best path for Two Harbors stockholders to maximize value.
Key Highlights
- ISS recommended Two Harbors stockholders VOTE AGAINST the CrossCountry Mortgage merger proposal.
- ISS concluded the Two Harbors Board has not capitalized on competing UWMC $12.50 or stock upside bids.
- ISS agreed that rejecting the proposed transaction signals the board to engage more productively.
- ISS also recommended AGAINST the Non-Binding Compensation Advisory Proposal (golden parachute).
- ISS further recommended AGAINST the Adjournment Proposal at the special meeting.
- UWMC encourages Two Harbors stockholders to vote AGAINST the CCM merger to maximize value.