Two Harbors to Go Private in $10.80/Share Cash Deal

Two Harbors Investment Corp. has entered a definitive merger agreement for a going-private transaction with CrossCountry Mortgage. Under the agreement, CrossCountry Merger Corp., a wholly owned subsidiary of CrossCountry Mortgage, will merge with and into Two Harbors, with Two Harbors surviving as a wholly owned subsidiary of CrossCountry Mortgage.

At the effective time, each outstanding share of Two Harbors common stock will be converted into the right to receive $10.80 per share in cash. The closing is expected to occur as promptly as practicable after satisfaction of closing conditions, with a termination date of March 27, 2027 subject to extension under certain circumstances. Two Harbors preferred stock will remain outstanding, and the company will deliver a notice of redemption following the effective time.