UWM Holdings (UWMC) Criticized Two Harbors’ Board, Here’s What You Need to Know

UWM Holdings Corporation (NYSE:UWMC) is one of the Best Penny Stocks with Huge Upside Potential. On May 28, UWM Holdings Corporation (NYSE:UWMC) issued a public statement criticizing Two Harbors’ board for delaying a shareholder vote to obtain approval for the CCM transaction.

​The statement released on UWM Holdings’ investor relations page said that Two Harbors is delaying the vote, refusing to negotiate, and preventing shareholders from getting the best value. Management argued that its proposal of $12.50 per share cash or 2.3328 UWMC shares is superior to CrossCountry Mortgage’s (CCM) best and final offer of $12.00 per share plus a pro‑rated stub dividend. The company also noted that the offer meets the board’s stated criteria of all‑cash, fully financed, and invites immediate, good‑faith talks to finalize a deal that benefits Two Harbors’ shareholders.

​The statement also accused the Two Harbors’ board and advisors of running a flawed process, prioritizing management over shareholders, wasting money on advisors, and using adjournments as delay tactics. UWMC singled out Chairman Kasnet for adjourning the meeting despite shareholder opposition, calling that action disenfranchising.

​In the release, UWM Holdings Corporation (NYSE:UWMC) urged Two Harbor shareholders to vote against the CCM transaction and pressure the board to engage in negotiations.

​UWM Holdings Corporation (NYSE:UWMC) is the indirect parent company of United Wholesale Mortgage (UWM), which is the largest wholesale mortgage lender in the US.

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