Dream Finders Homes Inc. said July 8 it increased its unsolicited offer to buy Beazer Homes USA Inc. after Atlanta-based Beazer rejected its previous bids.<\/p>\n
Jacksonville-based Dream Finders said its latest offer is for $32 a share, after first announcing an offer May 11 to buy Beazer for $25.75 a share.<\/p>\n
Dream Finders also said it increased the offer to $29.25 on June 22.<\/p>\n
Beazer has about 27.3 million outstanding shares, making the total value of the latest bid about $874 million.<\/p>\n
Dream Finders said its revised offer represents a premium of 70% to Beazer\u2019s trading price of $18.77 on May 8, before it publicly announced its interest in Beazer.<\/p>\n
In a news release, Dream Finders CEO Patrick Zalupski said Beazer has not engaged constructively with his company about the offer.<\/p>\n
\u201cBeazer\u2019s actions do not appear to be focused on pursuing a path that can maximize value for shareholders,\u201d Zalupski said.<\/p>\n
\u201cWhile we would have preferred to continue our discussions privately, Beazer\u2019s proposed non-disclosure agreement and related restrictions go well beyond what is necessary to protect confidential information. Taken together with Beazer\u2019s past unwillingness to engage, these provisions raise questions about whether the Board is prepared to pursue a transaction that we believe would be in the best interest of Beazer shareholders.\u201d<\/p>\n
Zalupski said previously that a merger with Dream Finders would give the company operations in 21 of the top 50 metropolitan areas in the U.S. and pair Beazer\u2019s strength in the West with Dream Finders\u2019 presence in the East, Southeast and Texas.<\/p>\n
Beazer responded to the latest offer with a news release saying the $29.25 offer undervalued the company, but it did not comment on the latest $32 per share offer.<\/p>\n
However, it said Dream Finders would not agree to all of Beazer\u2019s conditions to begin negotiations.<\/p>\n
\u201cInstead, Dream Finders decided to make its latest proposal public in what can only be perceived as an attempt to pressure Beazer\u2019s Board to engage with Dream Finders under unilateral terms that Beazer\u2019s Board does not believe to be in the best interests of shareholders,\u201d the company said.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Dream Finders Homes Inc. said July 8 it increased its unsolicited offer to buy Beazer Homes USA Inc.…\n","protected":false},"author":2,"featured_media":333268,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[116,118,117],"class_list":["post-333267","post","type-post","status-publish","format-standard","has-post-thumbnail","category-jacksonville","tag-jacksonville","tag-jacksonville-headlines","tag-jacksonville-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/333267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=333267"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/333267\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/333268"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=333267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=333267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=333267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}