Shares of Two Harbors Investment Corp (TWO) surged 5.10% during pre-market trading on Friday, indicating strong investor interest ahead of the market open.
The sharp rise follows news that UWM Holdings has issued an open letter to Two Harbors' shareholders, detailing a new, sweetened acquisition offer of $12 per share. UWM argues this bid is superior to Two Harbors' proposed transaction with CrossCountry. The offer is supported by a $1.3 billion committed unsecured bridge facility from Mizuho Bank.
UWM is actively urging Two Harbors' stockholders to press the company's board to accept this improved offer, which represents an increase from a prior proposal of $11.30 per share.
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