Mr. Cooper extends deadline for Home Point Capital acquisition

The vast majority of Home Point Capital stockholders participated in Mr. Cooper's tender offer to buy outstanding common shares before a June 27 expiration date, but not enough to seal the deal.

In response, Heisman Merger Sub Inc. has extended its deadline for the tender offer to July 21, according to a release Mr. Cooper issued Wednesday.

That means it will be a little while longer before Mr. Cooper is able to close on the acquisition announced in May, through which it is adding scale to its expanding servicing portfolio.

More than 136 million of Home Point Capital shares were tendered by the original expiration, representing roughly 98.2% of those outstanding, according to Equiniti Trust Co., the depositary for the offer.

Stockholders that have already tendered shares will not need to take any further steps.

Mr. Cooper has agreed to buy Home Point Capital for $324 million or $2.33 per share. The trading price for HPC's stock closed at $2.31 at 5 p.m. in the Eastern time zone on Tuesday. It was $2.30 at the time of this writing on Wednesday morning.

In addition to the full acceptance of the tender offer, a few other things are needed in order for the acquisition to close. The deal must have receipts of approvals from certain states and the government-related entities that help back a large percentage of the mortgages funded in the United States. 

HPC agreed to sell its wholesale funding business to The Loan Store in April after succumbing to pressures from a price war in that channel, and previously estimated it would close that acquisition this quarter.