Dream Finders Homes (DFH) said it remains committed to acquiring Beazer Homes after submitting a revised all-cash offer of $32 per share, escalating pressure on Beazer’s board to enter due diligence talks.
The proposal, submitted privately to Beazer’s board on June 30 and made public to shareholders on July 8, would see Dream Finders acquire all outstanding shares of Beazer in an all-cash transaction. Dream Finders said it is prepared to sign a non-disclosure agreement with a limited standstill provision to allow both sides to begin due diligence and enable the company to confirm its best offer.
However, Dream Finders Homes rejected Beazer’s position that a 12-month standstill agreement is customary, arguing that such a restriction is unnecessary for due diligence and would limit its ability to engage with shareholders or nominate directors at Beazer’s 2027 annual meeting.
“A 12-month standstill is not necessary to conduct due diligence,” Dream Finders said, adding that the restriction would prevent it from re-engaging shareholders after diligence is completed and reduce its options for pursuing a transaction.
Dream Finders Homes accused Beazer’s board of refusing to engage constructively and said the proposed standstill terms appear designed to impede a potential deal. The company said its requested terms are intended to preserve its ability, as a Beazer shareholder, to communicate directly with other shareholders and protect their interests.
Dream Finders also called on Beazer’s board to provide more transparency regarding expressions of interest from “additional parties,” including whether those approaches are comparable to Dream Finders’ $32 per share all-cash offer and its stated financing support.
Patrick Zalupski, chairman and CEO of Dream Finders Homes, said the company has spoken with numerous Beazer shareholders and believes there is broad support for a limited standstill at this stage.
“We remain committed to pursuing this transaction, which delivers immediate and compelling value for Beazer shareholders,” Zalupski said.
He urged Beazer shareholders to press the board to remove what Dream Finders described as unreasonable preconditions to due diligence and to engage constructively on the proposal.
