Overview
- Two Harbors postponed its special shareholder meeting to June 23 to solicit more proxies and pursue direct talks with UWM, a move announced on Monday.
- CrossCountry’s subsidiary waived its non‑solicit restriction through June 12 so Two Harbors and UWM can engage directly during the pause.
- Two Harbors is insisting that UWM replace its mixed cash/stock $12.50 headline bid with a documented, fully financed all‑cash $12.50 that includes termination and transaction fees.
- The board says UWM’s default stock option is unsafe because UWM offered 2.3328 shares per Two Harbors share and UWMC’s low price would make the default worth roughly $6 per share, which Two Harbors calls unacceptable.
- CrossCountry’s $12 per share cash deal remains board‑recommended and backed by financing and approvals, while analysts note UWM’s weaker credit profile and warn the contest could lead to dividend cuts or other investor pain.