Overview
- Two Harbors adjourned its special shareholder meeting after failing to reach a quorum and set a new vote for March 24.
- The company’s board reaffirmed its unanimous recommendation to approve the sale to United Holding Corp., parent of UWM.
- The December agreement grants Two Harbors investors 2.3328 UWMC Class A shares per TWO share, a structure initially valuing the deal at about $1.3 billion.
- With UWMC down roughly 26% since the announcement, Keefe, Bruyette & Woods said the acquisition price might need to rise for TWO holders to back it.
- UWM raised guidance last week to $800–$900 million in Q1 revenue and $3.5–$4.5 billion for 2026, while BTIG said it remains relatively confident the merger will be approved despite reduced odds.