UWM Holdings Corporation (NYSE: UWMC) announced it will submit a revised proposal to acquire Two Harbors Investment Corp. (NYSE: TWO) for $12.50 per share in cash, up from its previous $12.00 offer. The proposal also maintains an option for stockholders to receive 2.3328 shares of UWMC stock instead of cash.

The increased bid surpasses the pending merger agreement between Two Harbors and CrossCountry Mortgage, which offers $12.00 per share in cash. UWMC stated that all stockholders may elect to receive cash under its proposal without any cap or proration requirements.

UWMC issued an open letter to Two Harbors stockholders urging them to vote against the CrossCountry merger at a special meeting scheduled for May 19, 2026. The company filed preliminary proxy materials with the Securities and Exchange Commission to solicit votes against the CrossCountry transaction.

In the letter, UWMC criticized Two Harbors' board for refusing to engage in negotiations and alleged the board prioritizes management compensation over stockholder value. UWMC claimed Two Harbors management would receive approximately $35 million in immediate cash payouts under the CrossCountry deal structure.

UWMC stated it could complete a transaction within approximately two months of signing an agreement, citing its regulatory relationships and licensing status across all 50 states. The company described its offer as providing "clearly superior value" compared to the CrossCountry proposal.

Two Harbors stockholders can vote against the CrossCountry merger using Two Harbors' proxy card, with UWMC noting that only the last submitted vote will count at the meeting. UWMC plans to amend its proxy materials to reflect details of the latest proposal.

The information is based on a press release statement from UWM Holdings Corporation.