UWM Holdings Raises Bid to $12 with $1.3B Bridge Financing
TWO•UWM Holdings proposed $12.00 per share for Two Harbors, topping the board’s $11.30 share deal with CrossCountry Mortgage. The offer is backed by a $1.3 billion unsecured bridge from Mizuho Bank without ratings triggers or due diligence conditions, and UWM Holdings is weighing next steps after the board’s refusal.
1. Offer Details
UWM Holdings increased its acquisition proposal for Two Harbors Investment to $12.00 per share, surpassing the board-supported $11.30 per share transaction with CrossCountry Mortgage.
2. Financing Commitment
The $12.00 offer is fully financed by a committed $1.3 billion unsecured bridge loan from Mizuho Bank that contains no ratings triggers, borrowing-base tests or customary due diligence conditions.
3. Board Rejection and Next Steps
Despite the superior financial terms, Two Harbors’ board rejected the proposal and reaffirmed support for the CrossCountry deal, prompting UWM Holdings to evaluate potential strategic and legal options to secure enhanced shareholder value.
