UWMC urges TWO shareholders to vote against CCM merger at May 28 meeting

UWM Holdings Corporation (NYSE: UWMC) issued a statement urging Two Harbors Investment Corp. (NYSE: TWO) stockholders to vote against the proposed merger with CrossCountry Mortgage, LLC at the rescheduled May 28 special meeting.

UWMC maintains its offer to acquire Two Harbors for $12.50 per share in cash or 2.3328 shares of UWMC stock. The company stated it has received no engagement from the TWO Board regarding this proposal.

The original May 19 special meeting was adjourned without securing stockholder approval for the CCM transaction. UWMC cited this as evidence that TWO stockholders oppose the current deal terms.

"The TWO Board did not secure stockholder approval for the CCM transaction at the meeting, yet it inexplicably still refuses to engage with UWMC," the company stated in its release.

UWMC noted that three independent proxy advisors have recommended voting against the CCM transaction. The company argued that even if CCM improves its offer, TWO stockholders cannot be confident the board has maximized value without engaging directly with UWMC.

The mortgage lender encouraged TWO stockholders to vote against the CCM merger proposal, the non-binding compensation advisory proposal, and the adjournment proposal using UWMC's blue proxy card.

UWM Holdings Corporation is the parent company of United Wholesale Mortgage, which describes itself as the nation's largest wholesale mortgage lender. The company has been the largest wholesale mortgage lender for 11 consecutive years, according to the statement.

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