Overview
- Two Harbors’ board, which on Monday rejected UWM’s revised $12 proposal, reaffirmed support for CrossCountry’s $11.30 all-cash sale ahead of a May 19 shareholder vote.
- CrossCountry said it now has $3.4 billion in committed funding, including a new $1.4 billion Citi facility on top of a $2 billion line, to pay cash at closing.
- CrossCountry said it has about half of the 53 required state and agency approvals and is targeting an August 2026 close if shareholders approve the deal.
- UWM says a $1.3 billion short‑term loan from Mizuho backs its cash option and that Mizuho removed a due‑diligence condition, a claim Two Harbors disputes as not equivalent to committed financing.
- Two Harbors warned UWM’s offer defaults passive investors into UWM stock worth about $8.26 without an active cash election and said UWM dropped employee protections, raising retention risks if a switch fails.