So far, 98.2% have agreed to sell their shares
A majority of Home Point Capital stakeholders have agreed to sell their shares to Mr. Cooper Group, but there is still work to be done to finalize the planned merger.
So far, 98.2% of Home Point shareholders have accepted Mr. Cooper’s offer to buy all outstanding common stock of Home Point. However, there are certain approval and regulatory conditions that need to be met before the deal can be closed.
To allow more time to fulfill these conditions, Mr. Cooper’s subsidiary, Heisman Merger Sub, has extended the initial June 27 deadline to July 21.
“Approximately 136,030,882 shares had been validly tendered into and not validly withdrawn from the tender offer, representing approximately 98.2% of the outstanding shares,” the group noted in its news release. “Holders that have previously tendered their shares do not need to re-tender their share or take any other action in response to this extension.”
Read more: Home Point Capital shuts down for good, sells to Mr. Cooper
Mr. Cooper’s planned acquisition of Home Point was first announced in May. Mr. Cooper signed a definitive agreement to acquire all remaining shares of the now-defunct wholesale lender. A month before that, Home Point sold certain assets of its origination channel to The Loan Store.
“The senior notes we’re assuming from Home Point serve as a low-cost source of funding and contribute to an attractive rate of return on this transaction,” Mr. Cooper chief financial officer Kurt Johnson said back in May.
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