UWM Holdings Corp. is challenging Two Harbors Investment Corp.’s board after it rejected a $12 per share acquisition proposal in favor of an $11.30  per share deal with CrossCountry Mortgage LLC, issuing a lengthy response that questioned the board’s analysis and process.

In a statement on Monday, UWM said “the TWO Board’s interpretation of the numbers don’t reflect the underlying math.” The company said the board is “contorting itself with illogical arguments to suggest otherwise, preventing TWO stockholders from even the opportunity to receive significantly higher value.”

Two Harbors’ board on Monday details ⇒

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