The revised all-cash bid of $12 per share marks a near 6% increase from the prior $11.30 offer for TWO.
Two Harbors Investment Corp (TWO) agreed to a revised merger proposal from CrossCountry Mortgage, raising the all-cash offer to $12 per share from $11.30. The deal values the company at a premium to its recent trading levels.
The initial bid of $11.30 per share was announced earlier this month, but negotiations led to the higher $12 offer. Two Harbors’ stock closed at $10.85 on the last trading day before the original agreement.
The transaction is expected to close in the fourth quarter, pending regulatory and shareholder approvals.