Key facts
- Two Harbors Investment Corp. has postponed its special shareholder meeting to July 2, 2026.
- The adjournment is to solicit more proxies in favor of its proposed sale to CrossCountry Mortgage (CCM).
- UWM is engaged in a bidding war with a competing offer for Two Harbors.
- As of June 15, 54% of shareholders who voted opposed the CCM deal.
- A shareholder lawsuit alleges Two Harbors' proxy materials were misleading.
- Institutional Shareholder Services recommended voting against the CCM merger.
Two Harbors Investment Corp. has postponed its special shareholder meeting to July 2, 2026, to allow more time to solicit proxies in favor of its proposed acquisition by CrossCountry Mortgage (CCM). The decision comes amid significant shareholder opposition and a competing offer from United Wholesale Mortgage (UWM).
As of June 15, 73% of Two Harbors shareholders had voted, with 54% opposing the CCM deal, raising questions about its approval. Two Harbors' board unanimously recommends shareholders vote in favor of the all-cash deal, citing certainty.
UWM, which initially proposed an all-stock deal valued at approximately $1.3 billion, has since submitted a competing offer of $12.50 per share in cash or a mix of cash and stock, compared to CrossCountry's $12.00 per share all-cash bid. UWM has accused Two Harbors executives of prioritizing their own compensation over shareholder value.
Adding to the complexity, a shareholder lawsuit filed by George Assad alleges that Two Harbors' proxy materials misled investors by omitting or mischaracterizing material information. Institutional Shareholder Services (ISS) has also recommended that Two Harbors stockholders vote against the CrossCountry merger.