CrossCountry Offers $10.70 for Two Harbors

CrossCountry Mortgage’s offer for Two Harbors Investment Corp would acquire all outstanding common shares for $10.70 in cash per share. The proposal also includes payment of a $25.4 million termination fee payable to UWM.

Two Harbors said its UWMC merger agreement remains in effect, but an ad hoc board committee deemed CrossCountry’s bid the superior proposal, triggering a contractually defined match period for UWM. Two Harbors postponed its shareholder vote to April 7 and later disclosed a third bidder with an alternative cash offer at $10.75 per share plus the same termination fee.