Two Harbors Shareholders Approve CrossCountry Merger, Rejecting UWM's Rival Bid After Months
Updated
Updated · Bloomberg · Jul 2
Two Harbors Shareholders Approve CrossCountry Merger, Rejecting UWM's Rival Bid After Months
3 articles · Updated · Bloomberg · Jul 2
Summary
Two Harbors shareholders on Thursday approved the mortgage servicer's merger with CrossCountry Mortgage, ending a months-long contest that sidelined UWM Holdings' competing approach.
The preliminary vote hands CrossCountry the deal after repeated delays and a drawn-out fight over Two Harbors, which UWM had pursued as a way to counter its steep stock decline.
UWM said the outcome closes the saga, while maintaining its offers were superior and accusing Two Harbors' board of inappropriate conduct.
The vote removes a key source of uncertainty around Two Harbors and marks a setback for Mat Ishbia's effort to use the acquisition to bolster UWM.