Two Harbors Investment Delays Vote, Reaffirms Support for All-Cash CrossCountry Mortgage Deal

MT Newswires Live06-08 19:35

Two Harbors Investment (TWO) said Monday it has postponed its special shareholder meeting to June 23, to allow more engagement with UWM (UWMC) while still urging investors to approve its merger with CrossCountry Mortgage.

The company said it continues to recommend shareholders vote for the all-cash CrossCountry Mortgage deal, citing greater certainty compared with UWM's competing proposal.

Two Harbors said UWM's offer carries added risk due to recent weakness in UWM's stock and higher financial leverage.

It added that shareholders who do not actively select cash would end up receiving UWM shares by default, increasing their exposure to stock volatility.

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