CrossCountry Mortgage LLC (CCM) has completed its previously announced acquisition of Two Harbors Investment Corp. (NYSE: TWO), a mortgage servicing rights-focused real estate investment trust.
Going forward, Two Harbors will become a privately held subsidiary of CCM, with its shareholders receiving $12.00 per share in cash for each share of TWO common stock held immediately prior to the effective time of the merger. In addition, TWO stockholders of record at the close of business on Aug. 24 are entitled to receive a stub period dividend in an amount equal to $0.20326 per share of TWO common stock.
As a result of the merger, Two Harbor’s common stock will no longer be listed on the New York Stock Exchange.
Last December, UWM Holdings Corp. (NYSE: UWMC), the parent of United Wholesale Mortgage (UWM), announced it was acquiring Two Harbors in an all-stock transaction for $1.3 billion. But the transaction was cancelled after CCM made an offer that was more appealing to Two Harbors. UWM has since filed a lawsuit seeking $500 million for the aborted acquisition.
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