Two Harbors Investment Corp. Faces Pressure from CrossCountry Mortgage Bid

By Chris Stiles • Monday, March 23 17:18 • Permanent Link

Two said its board committee has labeled CrossCountry Mortgage’s unsolicited bid a “company superior proposal,” putting the company’s existing merger agreement with UWM Holdings under pressure.

CrossCountry’s offer values all outstanding Two shares at $10.70 apiece in cash, and also includes payment of the $25.4 million termination fee Two would owe UWM if it walks away from the current deal. Two said it notified UWM on March 21, starting a match-right period that runs until 11:59 a.m. Eastern on March 25.

UWM has already proposed revised terms, and Two said the two sides are in discussions. If CrossCountry’s bid still qualifies as superior after the match-right period, Two would be able to terminate the UWM agreement.

Two also disclosed a second unsolicited proposal from another third party. That bidder proposed alternative acquisition structures, including a cash offer of $10.75 per share, plus the same $25.4 million termination fee.

The special meeting of stockholders has been pushed back to April 7, 2026 from its prior date. The UWM merger agreement remains in place while the process continues. Today the company's shares have moved 5.62% to a price of $14.10. Check out the company's full 8-K submission here.

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