UWMC revises offer for Two Harbors to $12/share cash or 2.3328 UWMC shares

UWM Holdings Corp

Revised offer: $12.00 cash per share (vs. $11.30 from CrossCountry) or 2.3328 UWMC Class A shares per TWO share, no cap on cash.
Committed $1.3 billion unsecured bridge facility from Mizuho Bank, Ltd. with no ratings trigger or market contingency.
UWMC urges TWO stockholders to reject CrossCountry deal and direct board to negotiate; notes CrossCountry's financing may rely on MSR-backed borrowing base.
Two Harbors board increased termination fee to $50M without engaging UWMC, which UWMC calls entrenchment.
UWMC states its Q1 2026 results exceeded expectations and intrinsic value of UWMC has improved.

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