Two Harbors Investment Corp. has once again adjourned its special meeting of stockholders, giving the MSR-focused real estate investment trust more time to solicit votes for its proposed all-cash sale to an affiliate of CrossCountry Mortgage (CCM). Two Harbors and CCM entered into a definitive merger agreement on March 27. Negotiations with CCM produced two […]
The wait continues: Two Harbors stalls on CCM merger approval Read More »
UWM Holdings Corp. is challenging Two Harbors Investment Corp.’s board after it rejected a $12 per share acquisition proposal in favor of an $11.30 per share deal with CrossCountry Mortgage LLC, issuing a lengthy response that questioned the board’s analysis and process. In a statement on Monday, UWM said “the TWO Board’s interpretation of the numbers
UWM slams Two Harbors board over $12 offer rejection Read More »
A revised proposal from UWM Holdings Corporation to acquire Two Harbors Investment Corp. was formally rejected by the seller’s board of directors, citing “financing, closing, business and credibility risks.” The board continues to unanimously support the competing bid from CrossCountry Mortgage, LLC. In late April, UWM intensified its campaign to acquire TWO by issuing an
Two Harbors rejects UWM revised offer, cites financing risk Read More »
UWM Holdings Corp. is pressing its campaign to acquire Two Harbors Investment Corp. (TWO), issuing an open letter to the seller shareholders Thursday evening that details a sweetened proposal that valued the real estate investment trust (REIT) at $12 per share, positioning the bid as superior to the pending sale to CrossCountry Intermediate Holdco. UWM
UWM raises Two Harbors bid to $12 per share Read More »
UWM Holding Corp. may not win the bid to acquire Two Harbors Investment Corp., but an unsolicited proposal for the real estate investment trust just forced CrossCountry Intermediate Holdco to raise its offering. Two Harbors announced Tuesday that it amended its merger agreement to increase the all-cash price CrossCountry will pay to $11.30 per share.
CrossCountry raises bid for Two Harbors after rival offer from UWM Read More »
Shareholder Michael Koblentz filed another lawsuit against Two Harbors Investment Corp. and its board of directors, alleging violations of the Securities Exchange Act tied to the company’s pending acquisition by CrossCountry Intermediate Holdco (CCM). Koblentz previously filed a similar suit targeting Two Harbors’ original merger agreement with UWM Holdings Corp. (UWMC), which was closed after
Two Harbors hit with shareholder lawsuit over CCM acquisition Read More »
When UWM Holdings Corp. lost its bid last week to acquire Two Harbors Investment Corp. (TWO), upstaged by an offer from rival CrossCountry Intermediate HoldCo, analysts were not entirely surprised. “It was such a wild turn of events,” said Eric Hagen, an analyst at BTIG. “But we were not surprised that it broke up.” The
UWM tried for its first acquisition, then its stock fell and the math stopped working Read More »
The move by United Wholesale Mortgage’s (UWM) parent company to acquire Two Harbors Investment Corp. for $1.3 billion — the first acquisition in its history — marks a shift towards a more balanced business model between origination and servicing for the nation’s top mortgage lender. UWM will continue to focus on its broker channel, while
UWM shifts strategy with $1.3B Two Harbors deal, boosts servicing Read More »
United Holding Corp., the parent company of United Wholesale Mortgage (UWM), has struck an all-stock deal to acquire real estate investment trust Two Harbors Investment Corp. for $1.3 billion. The transaction, announced Wednesday, will nearly double UWM’s servicing book while expanding its capabilities, creating the eighth-largest U.S. mortgage servicer, according to company estimates. Two Harbors
UWM to acquire Two Harbors, nearly doubling servicing portfolio Read More »