Two Harbors 'Only Pretending' to Engage With UWM Over Proposed Takeover, UWM Says

MT Newswires Live06-16

UWM Holdings (UWMC) said Monday that the board of Two Harbors Investment (TWO) has only been "pretending" to engage over its proposed takeover offer to convince shareholders their only option is to accept an "inferior" deal with CrossCountry Mortgage.

Two Harbors last week postponed a special shareholder meeting on the CrossCountry Mortgage transaction to June 23 to allow for more engagement with UWM. UWM said, however, that Two Harbors has "mischaracterized" those discussions and imposed "arbitrary" restrictions on UWM's negotiation.

UWM said it remains open to engage with Two Harbors in "good-faith" discussions.

Two Harbors said Monday that UWM did not submit a new proposal during the waiver period which ended on Friday and that it was reaffirming its recommendation that stockholders vote for the CrossCountry Mortgage acquisition.

UWM was 3% higher in Monday trading, while Two Harbors was 0.9% lower.

Price: 2.45, Change: +0.07, Percent Change: +2.73

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