The Donerail Group, which describes itself as one of the largest stockholders of Beazer Homes USA, Inc. (NYSE: BZH), issued an open letter to Beazer's board of directors on July 9, urging it to engage with Dream Finders Homes, Inc.'s revised $32.00 per share all-cash acquisition proposal.

Dream Finders Homes submitted its revised offer on July 8, up from an initial $25.75 per share proposal made on May 5. Beazer's board rejected the original offer on May 11, a decision Donerail said at the time it supported.

In the letter, Donerail Managing Partner Will Wyatt said the revised offer represents an approximately 70% premium to Beazer's undisturbed share price of $18.77 and an approximately 56% premium to its undisturbed 30-day volume-weighted average price of $20.48, both as of May 8, 2026. Beazer has previously disclosed a book value per share of $41.83.

Donerail also noted that Beazer disclosed it had received interest from additional parties regarding a range of potential transactions, and called on the board to pursue a competitive process involving all credible prospective acquirors.

The letter states that Donerail was "surprised and discouraged" to learn Beazer had declined to offer Dream Finders Homes a confidentiality and standstill arrangement that would allow due diligence to proceed. Donerail suggested the board consider extending its director nomination deadline by approximately three months to facilitate a strategic review while preserving Dream Finders Homes' ability to nominate directors for the company's 2027 annual meeting.

Donerail stated it does not believe a partial sale of Beazer would be more beneficial to stockholders than a full sale of the company.