Beazer Homes USA Inc. (NYSE: BZH) announced its board of directors unanimously rejected multiple unsolicited acquisition proposals from Dream Finders Homes Inc. (NYSE: DFH), determining the offers significantly undervalued the company.

Dream Finders submitted three proposals between February and May 2026. The initial offer on February 5 proposed $28.50 per share in cash, followed by a March 17 proposal for $29.00 per share, and a final May 5 proposal for $25.75 per share. The most recent proposal represented an 11% reduction from the March offer and a 10% decrease from the February proposal.

Beazer's board cited the proposals' significant discount to book value as a primary rejection factor. The company's most recently reported book value was $41.83 per share, while the May 5 proposal offered $25.75 per share, representing a 38% discount or approximately $450 million in total value.

The Atlanta-based homebuilder stated its board believes executing the company's strategic plan focused on growing community count, de-leveraging the balance sheet, and increasing book value per share will generate more shareholder value than the proposed transaction.

Beazer recently increased its senior unsecured revolving credit facility by $160 million to $525 million, with the maturity extended to March 2030. The company expects to generate more than $150 million from selling non-strategic land positions in fiscal 2026, with proceeds above book value. A portion of these proceeds will fund the company's share repurchase program.

J.P. Morgan Securities LLC and Moelis & Company LLC are serving as Beazer's financial advisors, with King & Spalding LLP providing legal counsel.