{"id":63374,"date":"2026-06-23T03:00:19","date_gmt":"2026-06-23T01:00:19","guid":{"rendered":"https:\/\/housesmarketplace.com\/uwm-two-harbors-ceos-clash-in-emails-ahead-of-ccm-deal-vote\/"},"modified":"2026-06-23T03:00:19","modified_gmt":"2026-06-23T01:00:19","slug":"uwm-two-harbors-ceos-clash-in-emails-ahead-of-ccm-deal-vote","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/uwm-two-harbors-ceos-clash-in-emails-ahead-of-ccm-deal-vote\/","title":{"rendered":"UWM, Two Harbors CEOs clash in emails ahead of CCM deal vote"},"content":{"rendered":"
\n

Executives at \u041e\u0431\u044a\u0435\u0434\u0438\u043d\u0435\u043d\u043d\u0430\u044f \u043e\u043f\u0442\u043e\u0432\u0430\u044f \u0438\u043f\u043e\u0442\u0435\u043a\u0430 <\/strong>(UWM) and Two Harbors Investment Corp.<\/strong> (TWO) raised the heat in an email exchange during their latest round of deal negotiations.<\/p>\n

TWO mentioned that \u0423\u0412\u041c<\/a> could be trying to frustrate competitor \u041c\u0435\u0436\u0441\u0442\u0440\u0430\u043d\u043e\u0432\u0430\u044f \u0438\u043f\u043e\u0442\u0435\u043a\u0430<\/strong> (CCM<\/a>) in its efforts to acquire Two Harbors, while UWM alleged that TWO executives are prioritizing their own compensation in detriment of shareholders. The email exchange \u2014 included in filings with the \u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0411\u0435\u0437\u043e\u043f\u0430\u0441\u043d\u043e\u0441\u0442\u0438 \u0438 \u041e\u0431\u043c\u0435\u043d\u0443 <\/strong>(SEC) \u2014 were between Bill Greenberg, president and CEO of Two Harbors, and \u041c\u0430\u0442 \u0418\u0448\u0431\u0438\u044f<\/a>, chairman and CEO of UWM.<\/p>\n

A shareholder meeting to vote on the proposed CCM deal<\/a> is scheduled for June 23, after being postponed once from 28 \u043c\u0430\u044f<\/a> and a second time from June 11<\/a>. The email exchange shows that 73% of shareholders have submitted a vote, with 54% of them opposing the CCM merger \u2014 but since the information was disclosed June 15, it may have changed.<\/p>\n

\u201cAssuming these numbers are accurate, the disclosure suggests that Two might lack the shareholder votes needed to approve the CCM proposal,\u201d analysts at \u041a\u0438\u0444, \u0411\u0440\u0443\u0439\u0435\u0442\u0442 \u0438 \u0412\u0443\u0434\u0441<\/strong> (KBW) wrote on Monday.<\/p>\n

Two Harbors, a New York-based real estate investment trust, continues to recommend that shareholders vote in favor of its existing agreement with CCM for $12 per share in cash, plus a stub dividend.<\/p>\n

\u201cTWO stockholders face a consequential choice at TWO\u2019s Special Meeting: the certainty of $12.00 per share in cash under the CCM transaction or the potential significant decline in the value of TWO common stock if the transaction is not approved \u2013 with no actionable alternative on the table<\/a>,\u201d the company told shareholders in a letter on Monday.\u00a0<\/p>\n

TWO stocks were trading at $12.28 on Monday afternoon, down 0.32%.\u00a0<\/p>\n

In response, UWM released a statement a few hours later: \u201cIt is ironic that the Two Board bemoans the decline of its stock price, when they have a path to maximizing value for all TWO stockholders: true engagement with UWMC,\u201d the statement read.\u00a0<\/p>\n

UWM\u2019s most recent offer<\/a> was $12.50 per share in cash, or if a stockholder chooses, 2.3328 shares of UWMC stock.<\/p>\n

\u2018Play for the media\u2019<\/h2>\n

According to the SEC filings, on June 8, Greenberg invited Ishbia to New York to discuss an all-cash acquisition following a waiver of CCM\u2019s non-solicitation provisions. Ishbia said he could not fly to New York and instead invited Greenberg to Pontiac, Michigan, or propose an online meeting later in the week. <\/p>\n

Greenberg reminded him of the June 12 waiver deadline, but Ishbia made himself available only one day before it.<\/p>\n

According to Two Harbors, during a June 11 call, Ishbia said he was not sure any proposal would be forthcoming and that he needed additional information about TWO\u2019s financials. Greenberg said nothing material had changed and provided updates on spread performance, MSR values<\/a> and prepayment speeds during the quarter.<\/p>\n

Following the meeting, Ishbia wrote that UWM needed to understand \u201cwhy\u201d and how TWO wanted the offer adjusted, raising concerns that executive postures were tied to their roles.<\/p>\n

\u201cThe fact that your shareholders can elect stock doesn\u2019t make it worse,\u201d Ishbia wrote. \u201cI know you personally get paid out differently if stock is a component of the deal, but once again, that isn\u2019t a good reason to not approve that deal.\u201d<\/p>\n

Ishbia offered to modify the exchange rate, default to cash rather than stock, or provide a \u201chigher of\u201d structure for \u201csleepy\u201d shareholders, noting that UWM\u2019s stock was lower. He blamed interest rates and the war in Iran<\/a>. He also said concerns about whether UWM could fund an all-cash deal were \u201cridiculous and obviously just play for the media.\u201d<\/p>\n

Rejecting accusations<\/h2>\n

Greenberg responded by email, saying that he and Steve Kasnet \u2014 an independent director and chairman of the Two Harbors board \u2014 rejected accusations of \u201cself-dealing\u201d and suggestions they were focused on their own pay.<\/p>\n

\u201cOur Board\u2019s ask for all-cash consideration is based on its fiduciary duties to all TWO stockholders \u2014 including those who would receive default consideration worth less than 50% of the headline price,\u201d Greenberg wrote.<\/p>\n

Based on the June 12 closing price of UWMC Class A common stock of $2.38 per share, the default stock consideration implied a value of approximately $5.55 per share \u2014 less than half of the $12.50 cash election, Two Harbors said.<\/p>\n

In response, Ishbia said that if Two shareholders wanted $12 in cash for their stock, they could call their broker and sell it, noting the shares had been trading well above $12 for six weeks. He said executives reached out because 73% of shareholders had voted, but 54% were against the deal, and the meeting was adjourned. \u201cAre you a Chairman or a Dictator?\u201d Ishbia wrote of Kasnet.<\/p>\n

Ishbia also said he was \u201csummoned to go to NYC\u201d and added: \u201cIn all due respect, who the heck do you think you are?\u201d He also said TWO\u2019s lawyers threatened UWM with violations of nondisclosure agreements by having consulting firm Okapi Partners<\/strong> contact shareholders.<\/p>\n

Greenberg ended communications by saying that if UWM had a different proposal with no stock component, it should present it and the board would consider it. <\/p>\n

\u201cIf you are prepared to submit a proposal that addresses the Board\u2019s stated concerns, we encourage you to do so. If you have a different proposal to present, present it \u2014 the Board will consider it. If the goal is to frustrate a competitor\u2019s transaction, that is unfortunate but we understand that as well.\u201d<\/p>\n

\u0412 \u0437\u0430\u044f\u0432\u043b\u0435\u043d\u0438\u0438, \u0434\u0430\u043d\u043d\u043e\u043c \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>, a Two Harbors spokesperson said that despite the company\u2019s \u201cmeaningful efforts to engage in good faith, UWMC has not submitted a revised proposal or taken any other constructive steps to address concerns raised by the TWO Board of Directors.\u201d<\/p>\n

\u201cUWMC\u2019s lack of action to date only reaffirms the Board\u2019s conviction that UWMC has not provided a superior proposal and that it does not intend to do so. The TWO Board continues to believe the CCM transaction \u2014 which delivers immediate and certain value \u2014 is in the best interest of all TWO stockholders,\u201d the spokesperson added.

<\/strong>Update:<\/strong> This story was updated with a statement from Two Harbors Investment Corp.<\/em><\/p>\n<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Executives at United Wholesale Mortgage (UWM) and Two Harbors Investment Corp. (TWO) raised the heat in an email exchange during their latest round of deal negotiations. TWO mentioned that UWM could be trying to frustrate competitor CrossCountry Mortgage (CCM) in its efforts to acquire Two Harbors, while UWM alleged that TWO executives are prioritizing their […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63374","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nUWM, Two Harbors CEOs clash in emails ahead of CCM deal vote - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/uwm-two-harbors-ceos-clash-in-emails-ahead-of-ccm-deal-vote\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UWM, Two Harbors CEOs clash in emails ahead of CCM deal vote\" \/>\n<meta property=\"og:description\" content=\"Executives at United Wholesale Mortgage (UWM) and Two Harbors Investment Corp. 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