Announcement • May 29
UWMC Issues Statement Regarding Second Failure of Two Harbors to Obtain Approval for CCM Transaction On May 28, 2026, UWM Holdings Corporation announced that Two Harbors Investment Corp. adjourned its special meeting for the second time, failing to secure approval for the CCM merger. UWMC urged shareholders to vote AGAINST the CCM transaction and demanded the Board engage with UWMC for a superior offer, highlighting shareholder dissatisfaction and calling for maximizing value. TWO
Live News • May 24
Two Harbors Faces Legal Battle and Shareholder Vote Over Competing US$12 and US$12.50 Merger Offers Two Harbors is locked in a contested merger process, with a proposed US$12-per-share all-cash acquisition by CrossCountry Mortgage competing against a higher US$12.50-per-share or stock bid from UWM Holdings Corporation.
A shareholder lawsuit claims the board favored the lower CrossCountry offer to protect management interests and used higher breakup fees to discourage rival bids, while Two Harbors and its board reject these allegations and stand by their proxy disclosures.
A federal court denied a request to block the shareholder vote, and Two Harbors has adjourned the special meeting several times, moving the vote to May 28 as both the company and UWM continue active proxy campaigns, with proxy advisors recommending against the CrossCountry deal.
The key issue for investors is deal certainty versus headline price, as shareholders weigh the lower all-cash CrossCountry proposal against UWM’s higher offer and the governance concerns raised in the lawsuit.
The prolonged proxy fight and legal overhang add execution and timing risk around any transaction outcome, which could keep sentiment sensitive to further legal rulings or shifts in shareholder support. Announcement • May 12
UWM Holdings Increases Two Harbors Acquisition Proposal On May 11, 2026, UWM Holdings Corporation announced that it will submit a revised proposal to acquire all outstanding shares of Two Harbors Investment Corp. for $12.50 per share in cash or 2.3328 shares of UWM stock, providing stockholders the ability to elect cash or stock with the cash option available to all stockholders without any cap or proration, and described the offer as a clearly superior proposal compared to the pending CrossCountry Mortgage, LLC merger at $12.00 per share. In addition, UWM Holdings issued an open letter urging the Company stockholders to vote against the CrossCountry Mortgage proposal at the May 19, 2026 special meeting, criticizing the board for refusing to engage with UWM Holdings, alleging the board is protecting a deal structure that delivers immediate management payouts while failing to maximize stockholder value, and asserting that its proposal offers higher value, optionality, and an expeditious path to closing within approximately 2 months, while encouraging stockholders to read its preliminary proxy statement and vote against the CrossCountry Mortgage merger and related proposals in order to force engagement and enable a value maximizing process. 
