Two Harbors Investment Corp. has postponed a shareholder vote on its proposed acquisition by an affiliate of CrossCountry Mortgage for a third time, extending this merger battle through July.
The mortgage servicing rights-focused REIT announced Monday that its Special Meeting of Stockholders has been adjourned until July 2, 2026, to provide additional time to solicit proxies in favor of the deal with CrossCountry Intermediate Holdco, an affiliate of CrossCountry Mortgage.
The latest delay marks the third adjournment of the shareholder meeting since May 19 and extends the approval process through a fifth scheduled meeting date on July 2.
Despite the repeated postponements, Two Harbors' board said it remains unanimous in its support for the CrossCountry transaction.
"The TWO Board of Directors continues to believe that the pending CCM transaction is in the best interests of TWO stockholders and unanimously recommends stockholders support the CCM transaction and vote 'FOR' each proposal at the Special Meeting," the company said in a statement.
The transaction would pay Two Harbors shareholders $12 per share in cash, plus a prorated stub dividend. According to the company, the offer represents a 21% premium to Two Harbors' unaffected share price on Dec. 16, 2025, the day before the company announced a transaction with United Wholesale Mortgage, and a 119% premium to its fully diluted tangible book value as of March 31, 2026.
The deal remains fully financed with no financing contingency, the company said. Two Harbors also reported that 47 of the 53 required regulatory approvals have already been secured and that the transaction remains on track to close in August.
The shareholder vote is the latest chapter in a takeover battle that began late last year when Two Harbors agreed to be acquired by an affiliate of UWM. CrossCountry Mortgage later submitted a higher bid, prompting the Two Harbors board to determine that CrossCountry's proposal constituted a superior offer.
The decision led Two Harbors to terminate its agreement with UWM and pursue the CrossCountry transaction instead, setting off months of regulatory reviews and shareholder solicitation efforts.
While the company did not disclose how many votes remain outstanding, repeated adjournments are commonly used in merger transactions when companies believe additional time may help secure enough shareholder support to win approval.
For CrossCountry Mortgage, the acquisition would provide a significant foothold in mortgage servicing rights and related mortgage assets, expanding the lender's presence beyond originations and into a segment of the business that has become increasingly valuable amid higher interest rates and lower refinance volumes.
