"The revised offer from CrossCountry values the company at approximately $1.13 billion, up from its prior $10.70-per-share bid, and is not subject to financing conditions."
"Ron Leonhardt, founder and CEO of CCM, stated that the acquisition would provide access to TWO's capital markets platform and RoundPoint Mortgage Servicing's established servicing infrastructure."
"This transaction further solidifies CCM's position as a one-of-one player in the mortgage market, with the #1 retail origination platform for the third year in a row."
Two Harbors Investment Corp. has ended its merger agreement with UWM Holdings Corp. and accepted an all-cash acquisition offer from CrossCountry Intermediate HoldCo at $10.80 per share. The deal values Two Harbors at approximately $1.13 billion, higher than CrossCountry's previous bid of $10.70 per share. UWM's earlier proposal was worth $1.3 billion but structured as a stock transaction. CrossCountry's acquisition strengthens its position in the mortgage market, and it will pay a $25.4 million termination fee related to the prior agreement with UWM.
Read at www.housingwire.com
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