"CCM's bid values Two Harbors at roughly $1.12 billion and includes a commitment to cover the $25.4 million termination fee owed to UWM if the existing merger agreement is scrapped."
"UWM's current proposal offers Two Harbors shareholders 2.3328 shares of UWMC Class A common stock for each share of Two, implying a value of $11.94 based on UWMC's Dec. 16 closing price."
"A successful acquisition of Two Harbors would propel CCM from 14th to 8th place in servicing rankings, significantly boosting their servicing footprint."
CCM has made a $10.70-per-share cash offer for Two Harbors, valuing the company at approximately $1.12 billion. A competing bidder has presented a $10.75-per-share offer, also agreeing to cover the $25.4 million termination fee. UWM's current proposal offers Two Harbors shareholders 2.3328 shares of UWMC Class A common stock, implying a value of $11.94. The shareholder vote on the UWM deal has been rescheduled for April 7. Acquiring Two Harbors would significantly enhance the servicing footprint for either buyer, potentially elevating them to the eighth-largest U.S. mortgage servicer by owned portfolio.
Read at www.housingwire.com
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