Mr. Cooper's Home Point Capital offer gets a deadline extension

A Mr. Cooper subsidiary has moved a key deadline for its parent company's purchase of Home Point Capital out by another week, delaying the close of a $324 million dollar acquisition.

Heisman Merger Sub Inc. has now given shareholders until July 31 to respond to a tender offer related to the deal in which Mr. Cooper would acquire more than $1 billion servicing rights to add to its growing portfolio.

Investors who have already tendered their shares don't need to take further action.

A previous extension netted the acquiring company an incremental gain in shares, but not enough to push the deal forward. The percentage of shares tendered by July 21 rose to 98.3% from 98.2% on June 27, according to depositary Equiniti Trust Co. The number of shares rose to nearly 136.2 million from around 136 million.

Mr. Cooper is offering to buy the shares at a par value of $0.0000000072 per share, net to the seller without interest and subject to required withholding.

The acquisition also is pending consents from Ginnie Mae, an arm of the Department of Housing and Urban Development that backs securitizations containing government-guaranteed mortgages, and Fannie Mae, a quasi-public mortgage investor.

Home Point Capital was originally deeply invested in the third-party originations business, particularly the mortgage broker channel, and succumbed to fierce price war in the space. HPC previously agreed to sell its wholesale mortgage funding business to The Loan Store.

The latest extension of Mr. Cooper's tender offer comes just days before it plans to report second quarter earnings on July 26.