UWMC disputes Two Harbors' characterization of merger discussions

UWM Holdings Corporation (NYSE: UWMC) responded to Two Harbors Investment Corp. (NYSE: TWO) regarding discussions about a potential merger, disputing TWO's characterization of their interactions to stockholders.

UWMC stated that TWO's board imposed a five-day limit for discussions and restricted which UWMC representatives could participate in negotiations. The company said TWO declined to provide updated financial information unless UWMC submitted a revised written proposal and categorically rejected any stock consideration in the merger structure.

The mortgage lender offered alternative consideration structures, including adjustments to default elections and a "higher of cash or stock" option for stockholders. UWMC's current proposal includes stock consideration that stockholders could elect to receive as cash at $12.50 per share.

TWO has postponed its special meeting to vote on a proposed merger with CrossCountry Mortgage three times. The meeting is scheduled for June 23.

UWMC urged TWO stockholders to vote against the CrossCountry Mortgage transaction using UWMC's proxy card. The company filed a definitive proxy statement with the Securities and Exchange Commission on May 14 to solicit votes against the proposed merger.

UWMC, headquartered in Pontiac, Michigan, operates as the parent company of United Wholesale Mortgage. The company describes itself as the nation's largest wholesale mortgage lender for 11 consecutive years.

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