Shares of Two Harbors Investment Corp. (TWO) fell 5% in pre-market trading on Friday after the company announced an acquisition agreement with CrossCountry Intermediate Holdco in an all-cash deal of $10.80 per share, representing a roughly 5% discount to its prior close.
The agreement terminates TWO’s earlier merger with UWM Holdings Corp. (UWMC), which offered $10.70 per share. CrossCountry will also cover a $25.4 million termination fee tied to that deal.
Under the new agreement, common shareholders will receive $10.80 per share in cash, while preferred stockholders will receive $25 per share upon closing.
The transaction is expected to close in the second half of 2026. Once completed, TWO will be delisted from the NYSE and become a privately held subsidiary of CrossCountry.
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