Two Harbors Says UWM Failed to Submit Revised Offer and Urges Shareholders to Back CrossCountry

Overview

• Two Harbors told shareholders that UWM did not put a revised written bid or request an extension during a short waiver period and is pressing investors to approve CrossCountry’s fully financed $12 per share cash proposal plus a stub dividend at a vote later this month.
• UWM’s proposal offered $12.50 in cash or, as an alternative, 2.3328 shares of UWMC stock for each Two Harbors share, with the stock option available only to holders who elect it.
• Two Harbors calculated that using UWMC’s recent low stock price would make the default stock consideration worth roughly $5.55 per Two Harbors share, which is less than half of the $12.50 cash election and would cut payouts for non‑electing holders.
• The firms dispute what happened in talks: Two Harbors says it invited meetings and offered due diligence while UWM calls the waiver window short and says the stock option gives investors potential upside.
• The final result depends on shareholder elections, proxy solicitations and outstanding legal and regulatory steps that could still change timing, who gets cash and how much holders ultimately receive.