Dream Finders Homes has submitted a proposal to the board of directors of Beazer Homes to acquire all outstanding shares of Beazer. Bidding an all-cash transaction at a price of $25.75 per share, the proposed transaction reflects a total equity value of approximately $704 million, based on the currently outstanding shares of Beazer.
Since February, Dream Finders has tried to engage with Beazer’s management and board. On May 5, Dream Finders submitted its most recent proposal representing a premium of approximately 40% to Beazer’s closing share price of $18.35 that day.
The proposed acquisition would bump Dream Finders—No. 14 on the 2026 Builder 100 list—up into the top 10. The proposal to Beazer, which is No. 21 on this year’s list, has been unanimously approved by the Dream Finders board and has been reflected in a series of confident letters to Beazer. The home builder also says it’s ready to begin confirmatory due diligence on an expedited basis and concurrently negotiate a definitive merger agreement.
What They’re Saying
Patrick Zalupski, Dream Finders’ chairman and CEO, said: “We believe our proposal delivers significant value at a substantial premium for Beazer’s shareholders. Combining our two companies, with our highly complementary footprints and product strategies, would create the seventh-largest U.S. home builder and should expand opportunities for employees, enhance options and value to customers, and increase supply of attainable housing across the country. We are prepared to move swiftly to engage with Beazer’s board to complete a transaction.
“As a top 10 shareholder, we are concerned that if Beazer continues to operate on a standalone basis, the company will further erode shareholder value by executing a suboptimal operating and capital allocation strategy, an inefficient cost structure due to limited scale, and incurring excessive build costs, driven by an unsuccessful product strategy. We have made several attempts to engage with Beazer management and the board. While we would have preferred to reach an agreement privately, we are making our interest public for the benefit of all Beazer shareholders. We urge Beazer’s shareholders to encourage the board to engage constructively and meaningfully with Dream Finders to pursue this highly compelling all-cash proposal.”
Zalupski concluded, “We believe this transaction is a natural next step in our growth trajectory. We have successfully completed eight acquisitions since our initial public offering in 2021, deploying over $1 billion, and we have demonstrated our ability to execute land-light mergers and acquisitions, generate positive operating cash flows post-acquisition, and effectively integrate home building operations, further enhancing our revenues and diversifying our geographical footprint.”
A Beazer spokesperson shared this comment with BUILDER: “Beazer and its board of directors are in receipt of an unsolicited proposal from Dream Finders that was submitted on May 5, 2026. The Beazer Board notes that Dream Finders’ May 5 proposal is at a significantly reduced valuation than Dream Finders’ two prior unsolicited proposals that were privately submitted and that the board unanimously rejected as undervaluing the company, not representing an appropriate basis for engagement and not in the best interests of Beazer shareholders. The board, together with its advisors, has been considering the May 5 unsolicited proposal since it was received on May 5, including relative to the prior unsolicited proposals, and expects to respond in due course upon concluding its evaluation.”
Behind the Strategy
Dream Finders’ strategy will continue to focus on scaling the business by reducing costs, growing revenue, investing in state-of-the-art technology, and diversifying income streams. The proposed combined company would continue executing its growth plans while maintaining its commitment to a 100% land-light strategy.
In keeping with Dream Finders’ land-light strategy, Millrose Properties has also announced its intent to provide land banking capital to support Dream Finders. Upon completion of the acquisition, Millrose intends to acquire homesites currently owned by Beazer Homes, enabling Dream Finders to achieve capital-efficient growth in controlled homesites while preserving balance sheet flexibility. Millrose says this potential transaction represents an attractive opportunity additive to Millrose’s existing pipeline.
