The boards of directors for Rocket Companies and Mr. Cooper Group have given their approvals to the eye-opening, $9.4 billion all-stock deal first announced in late March.

Under the agreement, Mr. Cooper’s common stock, valued at $0.01 per share, will automatically convert into the right to receive 11 shares of Rocket’s Class A common stock. The transaction will be cash-based, tax-discounted and interest free.

Additionally, Mr. Cooper will distribute a special cash dividend of $2 per share to its stockholders, according to filings with the Securities and Exchange Commission. 

Rocket details ⇒

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