Extension allows companies to fulfill certain regulatory conditions
Mr. Cooper said it will extend for a second time the expiration date of its offer to acquire all outstanding common stock of Home Point Capital.
Heisman Merger Sub, a wholly owned subsidiary of Mr. Cooper, has extended the July 21 deadline to July 31 to give Home Point stakeholders “additional time for the satisfaction of the remaining conditions to the tender offer,” the company said in a release.
As of July 21, about 98.3% of Home Point shareholders had accepted Mr. Cooper’s offer to purchase their stocks, which were valued at $2.33 per share.
Read more: Mr. Cooper gives Home Point shareholders more time to sell their stocks
The tender offering is pursuant to the companies’ merger announced in early May. Home Point has agreed to sell $500 million in outstanding senior notes after shutting down its remaining operations.
“This acquisition is consistent with our strategy of growing our customer base, deploying our capital with a focus on attractive risk-adjusted returns, and maintaining a very strong balance sheet,” Mr. Cooper CEO Jay Bray said in a statement. “Home Point has amassed an impressive servicing portfolio, consisting of conventional loans to borrowers with high FICO scores, low coupons, and strong equity cushions.”
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