Two Harbors Investment Corp.’s board unanimously rejected a revised unsolicited acquisition proposal from UWM Holdings Corp, maintaining its recommendation that shareholders approve the company’s pending sale to CrossCountry Mortgage, LLC.

In a letter on Wednesday, the New York-based, MSR-focused REIT called the UWM proposal “illusory, predatory and unactionable.”

UWM is offering $12.50 per share, with no cap or proration, according to Monday’s bid. Investors could alternatively choose stock consideration at a fixed exchange ratio of 2.3328 UWMC shares per Two Harbors share. The competing CCM agreement values Two Harbors at $12 per share, all in cash.

“Any stockholder who fails, for whatever reason, to make a details ⇒

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