In the latest salvo in a contentious bidding war to acquire Two Harbors Investment Corp. (TWO), the parent company of United Wholesale Mortgage (UWM) is raising the pot by 50 cents after CrossCountry Mortgage (CCM) called its $12 per share offer on Friday.
UWM’s most recent bid of $12.50 a share is over a dollar more than CCM's $11.30 per share offer that TWO had accepted on April 28 — a point UWM emphasized in an open letter to TWO shareholders issued Monday morning.
“Since our last proposal, the TWO Board first tried to convince you that $11.30 was better than $12.00, and when that tactic apparently failed, they cut another deal with CrossCountry that did the bare minimum on the headline cash figure,” reads the letter signed by Adam Wolfe...