By Leah Draffen | Builder
Beazer Homes has rejected Dream Finders Homes’ all-cash offer. The Alanta-headquartered builder 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 to acquire all of the outstanding shares of Beazer.
In evaluating the proposals, the Beazer board determined that Dream Finders 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, offered $25.75 per share in cash, and was preceded by two other proposals from Dream Finders on March 17, for $29 per share in cash and an initial proposal on February 5, for $28.50 per share in cash. Beazer notes that the May 5 proposal represented an 11% reduction from the March 17 proposal and a 10% reduction from the February 5 proposal.
