Overview
- Based on a preliminary vote count announced Thursday, Two Harbors shareholders approved the merger that will convert each common share into $12.00 in cash plus a pro‑rated stub dividend, with final results subject to certification by the independent inspector of elections.
- The transaction cleared federal antitrust review through early termination of the HSR waiting period and has received 48 of 53 required state regulatory approvals, and the parties expect the deal to close in August 2026 subject to the remaining approvals and customary closing conditions.
- The approval effectively ends a months‑long, public bidding contest with United Wholesale Mortgage, which had offered $12.50 per share in cash or a stock alternative that Two Harbors argued could deliver much lower value for investors who took the stock option.
- Two Harbors’ board unanimously recommended the all‑cash CCM offer as the safer option for shareholders, and holders of Series A, B and C preferred stock are slated to be redeemed at $25 per share plus any accumulated unpaid dividends after closing.
- The merger combines Two Harbors’ RoundPoint servicing platform with CrossCountry’s large retail origination business to create greater servicing scale, a shift that could alter competition among the country’s largest mortgage servicers and affect how loans are serviced and originated.