CrossCountry Mortgage (CCM) once again raised its bid for Two Harbors Investment Corp., matching UWM Holdings Corp.’s rival offer.

The companies amended their agreement to increase the all-cash consideration to $12 per share, up from $11.30, as the mortgage REIT’s board continues to recommend the deal. The negotiations with CrossCountry Intermediate Holdco, an affiliate of CCM, include $3.4 billion of committed financing: a $2 billion secured facility and a $1.4 billion unsecured commitment from Citi.

The new price represents a 70-cent increase from the $11.30 per share agreed to in February and a 21% premium to Two Harbors’ “unaffected” share price details ⇒

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