Dream Finders Homes is taking a more aggressive stance to acquire a fellow residential builder with a new proposed all-cash offer, publicizing its attempts after being rebuffed earlier this year. 

The Jacksonville, Florida-based company made the latest move for Beazer Homes on May 5, with an offer of $25.75 per outstanding share, a number that represented a 40% premium above the latter's closing price that day but came in lower than two previous bids. The proposal comes after Dream Finders first wooed Beazer in February, with this week's disclosure turning into the latest salvo in an increasingly hostile acquisition attempt. 

Alongside supporting his company's growth ambitions, Beazer's declining stock value is also playing a part in the takeover strategy, Dream Finders CEO and Chairman Patrick Zalupski claimed. Zalupski acknowledged his company ranks as one of the top 10 shareholders in the Atlanta-based homebuilder.  

"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," he said in a press release, where he urged other stock owners to support the deal. 

"Combining our two companies, with our highly complementary footprints and product strategies, would create the seventh-largest U.S. homebuilder," Zalupski also said. 

Dream Finders' previous offers

Zalupski first approached Beazer CEO and President Allan P. Merrill on February 5 in a letter detailing a similar all-cash offer of $28.50 per share, which equaled a 25% premium based on the closing stock price of two days earlier. 

A rejection led to a subsequent proposal, in which Zalupski expressed disappointment at the initial response and lack of engagement from Beazer's board of directors. While upping its bid to $29 per share on March 19, Dream Finders also noted it wished to engage with Beazer in "a collaborative and friendly manner" to reach a sale agreement. 

"However, we are prepared to take our offer directly to your shareholders and are willing to do so absent meaningful engagement from you and your board," Zalupski warned in the correspondence.

Beazer responds to the latest proposal

A second snub led to the reduced offer this month in a letter where Zalupski reiterated his concerns and suggested a suboptimal Beazer's earnings report ought to make a merger attractive to its leaders.  

The proposal, though, appeared to evoke a negative reaction among Beazer leaders. 

"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," a company spokesperson said in a statement sent to National Mortgage News. 

Beazer said it is currently considering the latest unsolicited bid "and expects to respond in due course upon concluding its evaluation." 

In its most recent quarter, Beazer Homes posted a net loss of $904,000, a year-over-year drop after earnings finished on the plus side at $12.8 million over the same three months of 2025.  

Zalupski said those numbers highlighted the offer's value in the May letter. "Given your ongoing operational challenges as noted in your latest earnings announcement, we remain convinced that a combination of our two companies represents a superior path for your shareholders to realize immediate and certain value,'" he wrote.

Beazer's recent struggles were tied to the impact of geopolitical events in March that dented consumer sentiment, Merrill noted prior to the earnings call. In market trading, the equity value of BZH stock started 2026 at $20.25 and climbed as high as $27.71 in February before reversing course to as low as $18.03 earlier this month.

Its results, though, generally matched activity across the homebuilding industry, as companies felt the effect of broad economic constraints on consumer demand, with some analysts already predicting 2026 to likely become a "lost year."  

While current events make the company cautious about near-term demand, Beazer leaders touted its future opportunities. "We are building momentum toward greater profitability," Merrill emphasized in the earnings call, making no reference to an acquisition bid.  

Meanwhile, Dream Finders finished on the positive side at the start of 2026, reporting net profit of $13.3 million at the end of the recent quarter. The number also represented a decline of 76% compared to year-ago levels of $54.9 million

The company also pointed to the backing it already had for a potential Beazer acquisition as a positive to shareholders, with capital providers Millrose Properties and Kennedy Lewis both publicly issuing statements to support it with land-acquisition funding. Dream Finders said it was already ready to begin confirmatory due diligence on an expedited basis while pursuing the acquisition. 

How traders reacted

Shares of Beazer Homes surged on Monday following the release of the news, with BZH stock jumping 35% to $25.30 at opening bell after closing Friday at $18.77. The price had pulled back below $25 by early afternoon. 

Dream Finders saw a smaller bump to begin the week, with trading of DFH shares opening at $14.52 after finishing last week at $14.32.