Dream Finders Homes announced on May 11 that it had submitted a bid to acquire Beazer Homes for $704 million in an all-cash transaction that would create the nation’s seventh-largest homebuilder.
Dream Finders Homes’ offer of $25.75 per share represents a cash premium of about 40 percent over Beazer’s closing share price of $18.35 on May 5, the Jacksonville, Florida-based homebuilder stated in a news release. Shares of Atlanta-based Beazer closed up by more than 34 percent on May 11, while Dream Finders Homes shares rose by 4.96 percent.
Dream Finders Homes’ revised bid, submitted on May 5, comes on the heels of an initial unsolicited offer by the company’s owner, Patrick Zalupski, to acquire Beazer for $28.50 per share. Beazer’s share price dipped by 13 percent following its announcement on April 30 of a net loss of $900,000 for the quarter ended March 31, due to decreased sales and thinner margins….