UWM's Merger Fight With Two Harbors Spotlights 60% Stock Slide

Corporate ActionRegulation
โดย Bloomberg·Read original
Summary · why it matters

United Wholesale Mortgage CEO Mat Ishbia is locked in a merger battle with Two Harbors Investment Corp. that highlights a roughly 60% decline in UWM's stock over five months. Ishbia's $1.3 billion bid for the mortgage servicer faces resistance because Two Harbors leaders want an all-cash offer and say UWM's financial condition is deteriorating. Two Harbors shareholders are set to vote June 23 on a competing $12-per-share cash bid from CrossCountry Mortgage, while a class-action complaint accuses Two Harbors management of violating fiduciary duty by abandoning UWM's offer. UWM's shares have fallen 49% this year, and Ishbia's net worth has dropped more than 34% to $6.6 billion, according to the Bloomberg Billionaires Index. The company also faces lawsuits over its business practices, including a $100 million suit from rival Rocket Mortgage and a complaint from minority owners of Ishbia's NBA team, the Phoenix Suns.

Impact on stocks 4

Financials▼ · 2 stocks
UWM Holdings Corp
UWMC
▼ NegativeCapitalrelevance

UWM's stock has fallen 60% over five months, its bid for Two Harbors faces resistance, and it faces lawsuits from Rocket Mortgage and minority owners.

Two Harbors Investments Corp
TWO
▼ NegativeCapitalrelevance

Two Harbors faces a competing bid from CrossCountry Mortgage and a class-action lawsuit over fiduciary duty, creating uncertainty and potential legal costs.

Digital Finance & Tokenization▲ · 2 stocks

Off-coverage companies 2

CrossCountry Mortgage, LLCPrivate▲ Positive
Competitionrelevance

CrossCountry Mortgage's competing $12-per-share cash bid for Two Harbors positions it to potentially acquire the target, strengthening its competitive stance.

Phoenix SunsPrivate± Mixed
relevance

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