In a series of increasingly contentious emails, the heads of United Wholesale Mortgage (UWM) and Two Harbors Investment Corp. (TWO) escalated a feud surrounding UWM’s unsolicited bid to acquire TWO, the parent company of RoundPoint Mortgage Servicing.
Following a lengthy bidding war, Two Harbors accepted an all-cash offer to be acquired by UWM rival CrossCountry Mortgage (CCM) for $12 per share. UWM then offered either $12.50 per share or a default consideration of 2.3328 shares of its parent’s company’s common stock. But TWO vehemently rejected that offer on May 13, calling it “illusory, predatory and unactionable” and subsequently challenging UWM to submit an all-cash proposal.
The email exchange, disclosed in a proxy supplement filed Mon...