UWM Holdings Corp. (UWM) raised its unsolicited offer to acquire Two Harbors Investment Corp. on Monday, proposing $12.50 per share in cash or 2.3328 shares of UWMC stock as it seeks to derail a pending merger with CrossCountry Mortgage (CCM).

In an open letter to Two Harbors stockholders, UWM said it will submit a revised proposal to the Two Harbors board that increases the cash component from $12 to $12.50 per share, with no cap or proration. Investors could alternatively choose stock consideration at a fixed exchange ratio of 2.3328 UWMC shares per Two Harbors share. The competing CCM agreement details ⇒

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