Two Harbors Investment Corp. (NYSE: TWO), a New York City-based mortgage servicing rights-focused real estate investment trust, announced that an unsolicited proposal to acquire all of the outstanding shares of common stock constituted a “Company Superior Proposal” as defined by its previously announced merger agreement with UWM Holdings Corporation (NYSE: UWMC).
The unsolicited bidder, which was initially not named, was identified as CrossCountry Mortgage LLC. The new proposal provides for the acquisition of all outstanding shares of Two Harbors common stock for $10.70 per share in cash, plus payment by CrossCountry Mortgage of the $25.4 million termination fee that Two Harbors needs to pay to terminate its merger agreement with UWM. would be required to pay to UWMC upon termination of the UWMC merger agreement.
Two Harbors alerted UWM on March 21 of this development and set a match right period expiring at 11:59 am EDT on March 25 for UWM to propose revisions to its merger proposal.
Two Harbors also declared it received another unsolicited proposal from an unidentified third party proposing alternative acquisition transactions, including a cash offer of $10.75 per share plus payment of the $25.4 million termination fee to end the UWM merger agreement.
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