Escalating a prolonged bidding war, the parent company of United Wholesale Mortgage (UWM) has sweetened its offer for Two Harbors Investment Corp. (TWO) to $12 per share and is making its case directly to TWO shareholders.
In an open letter to Two Harbors stockholders issued Thursday, UWM positioned its proposal as “clearly superior” to a revised $11.30 per share offer from CrossCountry Mortgage (CCM), which the TWO board had accepted on Tuesday.
This week’s back-and-forth is the latest in a dizzying series of proposals and counterproposals from UWM and CCM. At one juncture, an unidentified third suitor submitted a $10.75 bid, which was quickly usurped by a $10.80 bid from CCM.
At stake are the mortgage servicing rights (MSRs) of RoundPoint...