UWM (UWMC) said late Thursday it issued an open letter to the stockholders of Two Harbors Investment (TWO) regarding the board's continued pursuit of the proposed CrossCountry Mortgage merger after two meetings failed to secure shareholder approval for the transaction.

Two Harbors' board is relying on delay tactics in hopes of wearing down stockholders into accepting a less valuable transaction, even though UWM's proposal remains available, according to the letter.

UWM urged Two Harbors stockholders to vote against the CrossCountry transaction, citing recommendations from ISS, Glass Lewis and Egan-Jones and urged the board to engage with UWM regarding its proposal, the letter added.

UWM said it remains committed to its May 11 proposal to acquire all outstanding Two Harbors shares for $12.50 per share in cash, or 2.3328 shares of UWM stock.

UWM added that it is prepared to consider enhancements to its proposal if Two Harbors' board is willing to engage.