< img src="https://www.housingwire.com/wp-content/uploads/2025/11/Mergers-and-Acquisitions-1.jpg"alt =""> A spokesperson for UWM did not immediately react to HousingWire’s request for remark.
The companies struck an all-stock handle December. Under the terms of the contract, Two Harbors shareholders will receive a set exchange ratio of 2.3328 shares of UWMC Class A common stock for each share of Two Harbors common stock, valuing the transaction at approximately $1.3 billion.
“With the UWMC share cost down about 26% since the deal statement, it is possible that the acquisition rate would require to be increased for the deal to be approved by 2 shareholders,” Bose George and Frankie Labetti, experts at Keefe, Bruyette & Woods, wrote in a flash note Monday early morning.
UWM just recently raised its income assistance ahead of the vote. In a filing with the Securities and Exchange Commission recently, UWM chairman, president and CEO Mat Ishbia said the company expects overall profits of $800 million to $900 million in the first quarter of 2026 and between $3.5 billion and $4.5 billion for the complete year.
In late February, the company had predicted first-quarter income of $650 million to $850 million. Experts’ consensus estimates call for $698 million in Q1 income and about $3.2 billion for full-year 2026.
UWM shares have declined given that the acquisition was announced, closing at $5.12 on Dec. 12 and trading around $3.68 since Monday early morning. Two Harbors shares likewise slipped during that period, falling from about $10 to $8.99.
BTIG analyst Eric Hagen wrote last week that his firm stays “reasonably positive” that Two Harbors shareholders will approve the merger, although current market volatility has lowered the odds compared with when the deal was first announced.
“Although UWMC’s stock is challenging volatility today, we don’t think it diminishes the longer-term vision and inspiration from Two’s viewpoint, which is to merge with a scaled pioneer in order to better contend on recapture and more efficiently handle its prepayment threat,” Hagen composed.