Beazer Homes board rejects unsolicited Dream Finders proposals

Beazer Homes USA, Inc. (BZH) confirmed that its Board of Directors, with the assistance of its financial and legal advisors, has evaluated and rejected multiple unsolicited, non-binding proposals from Dream Finders Homes, Inc. (DFH) to acquire all of the outstanding shares of Beazer. In evaluating the proposals, the Beazer Board determined that they significantly undervalued the Company, were not in the best interests of Beazer shareholders and did not establish an appropriate basis for discussions. Dream Finders’ most recent proposal conveyed to the Company on May 5, 2026 offered $25.75 per share in cash. The May 5 Proposal was preceded by two other proposals from Dream Finders to acquire Beazer: a proposal on March 17, 2026, for $29.00 per share in cash and an initial proposal on February 5, 2026, for $28.50 per share in cash. Notably, the May 5 Proposal represented an 11% reduction from the March 17 Proposal and a 10% reduction from the February 5 Proposal. The Beazer Board has unanimously determined that all three proposals significantly undervalue Beazer and, therefore, none of the proposals are in the best interests of Beazer shareholders. In rejecting each of Dream Finders’ proposals, the Beazer Board said it considered, among others, the following factors: The proposals represent a significant discount to book value per share, which has only grown since the initial February 5 proposal; Executing the Company’s Multi-Year Goals is the best path for maximizing shareholder value; Beazer’s capital allocation strategy and strong liquidity position provide it with ample financial flexibility, not only to fund its operating, financial and strategic objectives, but also to return significant capital to shareholders.