CrossCountry Mortgage has equaled UWM Holdings' $12 per share offer for Two Harbors Investment, an increase of 70 cents from the agreed to transaction.

Previously, the Two Harbors' board rejected the latest entreaty from UWM. But the change likely reflects, among other things, the elevated Two Harbors stock price since this bidding war started and shareholder reactions to UWM's direct reach out to them.

Since May 1, Two Harbors has been trading over $12 per share. On Friday morning, it opened at $12.52 per share, 14 cents higher than Thursday's closing price.

Meanwhile, UWM, whose price shifted downward since Wednesday's first quarter earnings announcement, recouped some of this on Friday morning.

Following the announcement and earnings call, UWM got as high as $4 per share on Wednesday. But it ended the day at $3.49. On Thursday, it fell even further to a $3.38 close.

But the next day, it started trading at $3.43.

The new offer "represents a compelling outcome for TWO stockholders and would reflect one of the highest multiples paid for a mortgage REIT," said Ron Leonhardt, CrossCountry's CEO, in a press release.

During UWM's earnings call on Wednesday, its Chairman, CEO and President Mat Ishbia said he was planning all along to make a $12 per share bid. Ishbia added he would rather pay cash for Two Harbors, "because I feel like I'm giving my stock away at a really low price."

UWM's original offer for Two Harbors, an exchange of 2.3328 of its shares for each one of the real estate investment trust's, remains on the table. Based on the May 7 closing price, this is worth $7.88 per share, Bill Greenberg, Two Harbors president and CEO said in the press release.

"Our Board is confident that the CCM transaction is in the best interest of, and the only credible and actionable path forward for, TWO stockholders," he continued.

The shareholder meeting to vote on the CrossCountry deal is scheduled for May 19.