Two Harbors Delays Shareholder Vote on $12 Per Share CrossCountry Mortgage Acquisition

Event summary

  • Two Harbors adjourned its special shareholder meeting until May 28, 2026 to solicit more votes for its $12 per share acquisition by CrossCountry Mortgage.
  • The board unanimously recommends shareholders vote 'FOR' the all-cash transaction, which includes additional value from Q2 and prorated Q3 dividends.
  • A court dismissed a lawsuit seeking to delay the vote, ruling Two Harbors' proxy disclosures were sufficient.
  • Preferred stockholders will receive $25 per share plus accumulated dividends upon closing.

The big picture

Two Harbors' adjournment reflects the strategic importance of securing shareholder approval for its sale to CrossCountry Mortgage, an affiliate of one of the nation's largest mortgage lenders. The $12 per share offer represents a premium for shareholders but requires navigating regulatory hurdles and potential shareholder opposition. The dismissal of the lawsuit suggests legal clearance, but the transaction's success hinges on meeting voting thresholds and closing conditions.

What we're watching

Voting Momentum
Whether Two Harbors can secure sufficient shareholder approval after the adjournment to complete the CrossCountry Mortgage acquisition.
Regulatory Timing
The pace at which regulatory approvals will be secured, given the transaction's conditional nature.
Integration Strategy
How CrossCountry Mortgage plans to integrate Two Harbors' mortgage servicing rights portfolio post-acquisition.