Atlanta-headquartered Beazer Homes USA Inc. (NYSE: BZH) has rejected the unsolicited $704 million acquisition query from Dream Finders Homes Inc. (NYSE: DFH).
Dream Finders announced yesterday that it was putting forth an offer to buy Beazer for $25.75 per share in cash. In a statement, Beazer said it was rejecting the offer because it believed that its “shareholders should be appropriately compensated for the value of the company’s assets, especially its land assets.”
It added that “Beazer’s most recently reported book value was $41.83 per share,” while Dream Finders’ new offer was a “38% discount represents approximately $450 million of total value.”
The company added that it was not interested in becoming acquired, noting that its board of directors was “highly confident that continuing to execute on the company’s strategic plan, which is supported by a strong asset base and liquidity position, will yield substantially more value for shareholders than pursuing the transaction that Dream Finders has proposed.”
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