By Nicholas G. Miller

UWM Holdings raised its bid to acquire Two Harbors to $12.50 a share for stockholders that choose to receive cash as it seeks to upend Two Harbors' sale agreement with CrossCountry Mortgage.

UWM, parent company of the country's largest mortgage lender, United Wholesale Mortgage, had previously bid $12 a share, but in its updated proposal Two Harbors stockholders would receive $12.50 a share in cash or 2.3328 shares of UWMC stock.

Two Harbors has a sale agreement with CrossCountry worth $12 a share, which itself is up from an agreement of $11.30 a share.

Two Harbors has rebuffed UWM's competing interest, citing financing, closing, operational and credibility risks with UWM's bids.

In a letter to Two Harbors shareholders Monday, UWM said its bid was clearly superior and that in comparison with the CrossCountry deal, it reduces compensation to Two Harbors management and instead pays a higher value to stockholders.

Write to Nicholas G. Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

May 11, 2026 07:53 ET (11:53 GMT)

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