Mat Ishbia, owner of the Phoenix Suns and CEO of UWM Holdings Corp., failed in his attempt to acquire mortgage servicer Two Harbors Investment Corp. Two Harbors shareholders rejected UWM's all-stock offer on July 2, 2026, marking the end of a protracted takeover battle that saw the merger vote delayed four times since its initial May 19 schedule.
The proposed acquisition, announced in December, valued Two Harbors at approximately $4 billion when UWM, the nation's largest mortgage lender, first made its bid. The rejection by Two Harbors shareholders allows the company to pursue other options, potentially including rival bidder CrossCountry Mortgage.
This failed acquisition attempt is set against the backdrop of an ongoing and increasingly hostile feud between Ishbia and Dan Gilbert, owner of the Cleveland Cavaliers and founder of Rocket Mortgage. This rivalry, which has intensified due to business practices in the mortgage industry, has seen accusations traded, including Ishbia's claim that Gilbert orchestrated a negative report by Hunterbrook Media against UWM. Hunterbrook, a hedge fund with a media arm, has explicitly shorted UWM stock and taken long positions in Rocket, further fueling the animosity.
The feud between Ishbia and Gilbert has extended beyond business, with Gilbert being the sole NBA owner to abstain from the unanimous vote approving Ishbia's $4 billion purchase of the Phoenix Suns and the WNBA's Phoenix Mercury in 2023. This long-standing rivalry highlights the competitive and often aggressive nature of the mortgage industry, impacting events from corporate acquisitions to personal accusations.
