"UWM's offer is supported by a committed, unsecured $1.3 billion bridge facility from Mizuho Bank Ltd. This financing package is not dependent on collateral value, borrowing-base tests, or market conditions."
"CCM highlighted that based on UWM's May 4 closing price, the default stock package is worth about $8.26 per share, roughly 31% below UWM's headline $12-per-share cash alternative."
"The acquisition of Two Harbors requires 53 separate state and agency approvals, with CCM stating it has approximately half of those approvals in hand and is targeting an August 2026 closing."
UWM's offer includes $12 per share or 2.3328 shares of UWMC Class A common stock, backed by a $1.3 billion bridge facility from Mizuho Bank. UWM's financial position raises concerns about its ability to fund an all-cash transaction. CCM criticized UWM's proposal, noting that the default stock package is worth about $8.26 per share, significantly lower than the cash alternative. The acquisition requires 53 state and agency approvals, with CCM holding half and targeting an August 2026 closing.
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