Dream Finders Homes Inc. (NYSE: DFH) announced it submitted a proposal to acquire Beazer Homes USA Inc. for $25.75 per share in an all-cash transaction valued at approximately $704 million.

The offer represents a 40% premium to Beazer's closing price of $18.35 on May 5, 2026. Dream Finders said it has attempted to engage with Beazer's management and board since February.

The proposal comes after Beazer reported its second consecutive quarterly net loss and a 93% year-over-year decline in adjusted EBITDA, according to Dream Finders. Beazer's stock price has declined approximately 13% since Dream Finders' previous proposal.

"We believe our proposal delivers significant value at a substantial premium for Beazer's shareholders," said Patrick Zalupski, Dream Finders' Chairman and CEO. The combined company would create the seventh-largest U.S. homebuilder, he added.

Dream Finders stated the proposal has unanimous approval from its board of directors and includes financing commitments. The company said it is prepared to begin due diligence and negotiate a merger agreement.

Dream Finders, which describes itself as a top 10 Beazer shareholder, has completed eight acquisitions since its 2021 initial public offering, deploying over $1 billion. The company said the transaction would maintain its land-light strategy and have minimal impact on leverage.

The homebuilder urged Beazer shareholders to encourage their board to engage with the proposal. Dream Finders made an investor presentation available regarding the proposed acquisition.