AcquisitionsMay 4, 2026, 04:58 PM
UWMC criticizes TWO Board's rejection of $12.00/share offer
AI Summary
UWM Holdings Corporation (UWMC) responded to Two Harbors Investment Corp.'s (TWO) rejection of its $12.00 per share acquisition proposal. UWMC criticized the TWO Board's decision, stating its offer is superior to the $11.30 per share transaction with CrossCountry Mortgage that the Board reaffirmed. UWMC highlighted its fully financed offer, supported by a $1.3 billion bridge facility from Mizuho Bank, which has removed a customary due diligence condition. UWMC is now assessing its options to ensure TWO stockholders receive the value it believes they deserve.
Key Highlights
- UWMC criticized Two Harbors' Board for rejecting its $12.00 per share acquisition proposal.
- Two Harbors' Board reaffirmed support for its $11.30 per share transaction with CrossCountry Mortgage.
- UWMC's offer is fully financed and includes a stock option in addition to the $12.00 cash.
- UWMC's financing is supported by a committed, unsecured $1.3 billion bridge facility from Mizuho Bank.
- Mizuho Bank agreed to remove the customary due diligence condition from UWMC's financing.
- UWMC is assessing options to ensure Two Harbors stockholders obtain the value they deserve.