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Boards Approve Rocket’s Acquisition Of Mr. Cooper

The boards of directors for Rocket Companies and Mr. Cooper Group have given their approvals to the eye-opening, $9.4 billion all-stock deal first announced in late March.

Under the agreement, Mr. Cooper’s common stock, valued at $0.01 per share, will automatically convert into the right to receive 11 shares of Rocket’s Class A common stock. The transaction will be cash-based, tax-discounted and interest free.

Additionally, Mr. Cooper will distribute a special cash dividend of $2 per share to its stockholders, according to filings with the Securities and Exchange Commission.

Rocket board members determined that the transaction is “fair to and in the best interest of Rocket and the Rocket stockholders.”

Rock Holdings Inc., which controls 79% of Rocket’s voting power, has provided written consent for the Rocket stock issuance, eliminating the need for further action from Rocket stockholders to finalize the transaction.

Meanwhile, Mr. Cooper will hold a special stockholder meeting on Sept. 3 to vote on the necessary proposal to complete the merger.

In late March, Rocket unveiled its ambitious plan to acquire Mr. Cooper, following closely on the heels of its announced $1.75 billion acquisition of real estate brokerage Redfin.

The Rocket-Mr. Cooper merger is anticipated to close in the fourth quarter of 2025, integrating the nation’s largest servicer into Rocket’s operational framework. This move is seen as a strategic step to position Rocket as the “Apple of homeownership.”

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Boards Approve Rocket’s Acquisition Of Mr. Cooper

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