After originally canceling its public offering last Friday, Two Harbors Investment Corp., a Minnetonka, Minn.-based real estate investment trust that invests in mortgage backed securities, has reversed course, reinstating the offering, but cutting the number of shares proposed to be offered to 11,000,000 shares, plus an over-allotment option of 1,650,000 shares. Originally, the company sought to offer 14,000,000 shares. When it cancelled the offering, Two Harbors said the available share price would result in an unacceptable dilution of book value to existing shareholders. After closing on Friday at $9.20 per share (up $0.45 over the previous day's close), Two Harbors was trading at $9 per share late Monday morning.
Processing Content
