UWM Proposes $12.50 Cash or 2.3328 Shares in Superior Two Harbors Bid
UWM Holdings has urged Two Harbors shareholders to vote against CrossCountry Mortgage’s merger proposal at the rescheduled May 28 special meeting, citing a superior offer of $12.50 per share in cash or 2.3328 UWM shares. UWM highlighted that all three leading proxy advisors have recommended voting against the CCM transaction.
1. UWM’s Superior Acquisition Proposal
UWM Holdings has submitted a proposal to acquire Two Harbors at $12.50 per share in cash or 2.3328 shares of UWM stock, which it asserts offers greater value than the CrossCountry Mortgage transaction. This proposal remains unaddressed by the Two Harbors board despite being on the table since December.
2. Shareholder Vote and Special Meeting Details
The May 19 special meeting failed to secure approval for the CCM merger and has been adjourned to May 28. UWM is urging all shareholders to vote against the CCM merger, the non-binding compensation advisory proposal and any further adjournment using its BLUE proxy card to preserve the superior offer.
3. Proxy Advisor Recommendations and Board Engagement
All three leading independent proxy advisors recommend voting against the CCM transaction. UWM notes that the Two Harbors board has not engaged with its takeover proposal, which UWM contends is essential to maximize shareholder value on a level playing field.