In short: Arb closed and paid. "Two Harbors announced that it has received final regulatory approval and the merger is scheduled to close on August 25th, which it did. Stockholders of record at the close of business will be entitled to receive a stub period dividend of 20 cents per share — the stub period dividend will be paid with the merger consideration and will not reduce or otherwise affect the merger consideration." The deck completes it: each share converted into $12.00 in cash in the CrossCountry Mortgage merger, the stub was $0.20326, the common delists, the preferreds are redeemed at $25.00 (~$622M) and the $115M 9.375% 2030 notes repurchased at 104. The detail worth keeping is the mechanic — a stub dividend that is additive rather than deducted from consideration is free carry for the last weeks of the spread.
Two Harbors' merger with CrossCountry Mortgage received its final regulatory approval and closed on 25 August, converting each share into $12.00 in cash. The common shares delist, the preferred shares are redeemed at $25, and the senior notes are bought back at a small premium.
The detail Singh singles out is a small mechanical one worth remembering: holders of record also received a stub-period dividend of about 20 cents, and that dividend "will be paid with the merger consideration and will not reduce or otherwise affect the merger consideration." In many deals a dividend paid before closing is deducted from the price. Here it is additive — free carry for anyone holding the spread through the final weeks. Checking which of the two applies is part of pricing any arbitrage that pays income while you wait.
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In short: Rallied after UWMC didn't submit a proposal during the waiver period it obtained to engage on a potential transaction — the long-challenged deal still hasn't closed.
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