UWM escalates bidding war for TWO with $12 offer, open letter to shareholders

UWM has escalated its bid for Two Harbors by delivering a revised offer that allows Two Harbors investors to choose between $12 in cash per share or 2.3328 shares of UWM Class A common stock. This offer does not include any cap or proration on the cash election, indicating UWM's aggressive strategy to attract Two Harbors shareholders (UWM). In response to UWM's increased offer, CrossCountry has also raised its bid for Two Harbors. The company announced that it amended its merger agreement to increase the all-cash price it will pay to $11.30 per share, up from the original price of $10.80 per share established in the agreement dated March 27 (Housing Wire). This adjustment reflects the competitive landscape as UWM's offer puts pressure on CrossCountry to enhance its proposal. Ron Leonhardt, presumably a representative of CrossCountry, stated that the company is "pot committed" as the deal with Two Harbors advances. This comment suggests that CrossCountry is fully invested in the merger process and is willing to make further adjustments to its offer in light of UWM's aggressive bidding strategy (Housing Wire). The ongoing bidding war highlights the competitive dynamics in the market for Two Harbors, with both UWM and CrossCountry actively seeking to secure the acquisition through revised financial offers.