Dream Finders pushes back on Beazer over NDA terms in $32-a-share bid

Dream Finders Homes (NYSE: DFH) issued a statement pushing back against Beazer Homes USA over the terms of a confidentiality and standstill agreement, as the Jacksonville, Florida-based homebuilder seeks to advance its all-cash proposal to acquire Beazer at $32.00 per share.

Dream Finders submitted the revised proposal privately to the Beazer Board of Directors on June 30, 2026, and disclosed it publicly to Beazer shareholders on July 8, 2026. The company says it is willing to sign a non-disclosure agreement to begin due diligence but objects to a 12-month standstill provision that Beazer has requested, calling it unnecessary and unreasonable.

Dream Finders argues the 12-month standstill would prevent it from re-engaging Beazer shareholders after due diligence is completed and from nominating directors at Beazer's 2027 Annual Meeting. The company says it is seeking a more limited standstill provision instead.

Patrick Zalupski, Dream Finders' chairman and CEO, said, "We have engaged with numerous Beazer shareholders, and there is broad agreement that a limited standstill, as we have already proposed, is appropriate and customary at this juncture."

Dream Finders also called on the Beazer Board to clarify whether interest expressed by what Beazer described as "additional parties" is comparable to Dream Finders' all-cash $32.00 per share offer, which the company says comes with highly confident financing support.

Goldman Sachs & Co. LLC, BofA Securities, Zelman Partners, and Vestra Advisors are acting as financial advisors to Dream Finders. Foley & Lardner is serving as legal counsel and Edelman Smithfield as strategic communications advisor.

Beazer Homes (NYSE: BZH) has not yet responded publicly to Dream Finders' latest statement, according to the press release issued by Dream Finders.

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