UWM Holdings urges Two Harbors shareholders to reject a rival bid, proposing a higher $12.50 per share cash or stock deal.
UWM Holdings Corporation (UWMC) publicly criticized Two Harbors’ board for delaying a shareholder vote on the CCM transaction, arguing its $12.50 per share cash or 2.3328 UWMC shares offer is superior. The company stated its proposal meets the board’s criteria of being all-cash and fully financed, while CCM’s offer stands at $12.00 per share plus a stub dividend.
UWMC accused Two Harbors’ leadership of prioritizing management interests, wasting resources on advisors, and using adjournments to stall negotiations. The statement singled out Chairman Kasnet for adjourning a meeting despite shareholder opposition, calling it disenfranchising.
UWMC urged shareholders to vote against the CCM deal and push the board to engage in negotiations, framing its offer as the best path to maximizing shareholder value.