Using heightened rhetoric, Two Harbors Investment Corp. (TWO) emphatically rejected the most recent acquisition offer from the parent company of United Wholesale Mortgage (UWM) on Wednesday, calling the proposal “illusory, predatory and unactionable.”
UWM shot back just hours later, accusing the TWO board of “complete and illogical distortion of the duties it owes its stockholders.”
In rejecting UWM’s proposal — which would provide current TWO stockholders with either $12.50 per share in cash or 2.3328 shares of UWM Holdings Corp. (UWMC) common stock — Two Harbors reaffirmed its support for an all-cash offer of $12 per share from CrossCountry Mortgage (CCM), which it had accepted on May 8.
In a press release issued Wednesday, Two Harbors po...