UWM Holdings Reaffirms Commitment to Acquire Two Harbors
UWM Holdings Corporation (UWMC) reaffirmed its commitment to acquire Two Harbors Investment Corp. (TWO) and issued a statement regarding the upcoming special meeting on June 23 to vote on TWO's proposed merger with CrossCountry Mortgage, LLC, following the third adjournment. UWMC said: "TWO stockholders have sent a clear message over and over again: they do not support the inferior CCM transaction or the TWO Board's repeated adjournments - and we urge them to continue to reject CCM's inferior proposal. It's high time that the TWO Board respect the will of their stockholders. In stark contrast, UWMC's proposal offers both higher value and stockholder choice through stock consideration or an election to receive $12.50 per share in cash with full financing. That optionality is a clear benefit to stockholders, not a flaw. UWMC remains committed to its superior proposal, to reaching a transaction that is best for UWMC and for TWO stockholders, to delivering a superior offer and finalizing an agreement quickly if the TWO Board will finally do the right thing and engage in good faith. Stockholders should not be forced into the inferior CCM deal because TWO's management thinks it is better for them personally. It is ironic that the TWO Board bemoans the decline of its stock price, when they have a path to maximizing value for all TWO stockholders: true engagement with UWMC. TWO stockholders should continue to vote AGAINST the CCM merger and demand that the TWO Board engage with UWMC in an open, unrestricted and good-faith manner."
