Two Harbors Investment Corp. (TWO) has terminated its merger agreement with UWM Holdings Corp. and instead agreed to be acquired by rival CrossCountry Intermediate HoldCo in an all-cash deal valued at $10.80 per share. It remains unclear whether UWM will challenge the merger in court.

The revised offer from CrossCountry values the company at approximately $1.13 billion, up from its prior $10.70-per-share bid. The transaction is not subject to any financing conditions. 

The all-cash deal is lower than UWM’s earlier $1.3 billion proposal, which was structured as a stock transaction with a fixed exchange ratio of 2.3328 shares details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com