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Donerail, One of the Largest Stockholders of Beazer Homes, Issues Open Letter to Board on DFH's Revised Offer
Urges the Board to Engage with DFH and Other Bona Fide Prospective Acquirors Following DFH's Revised $32.00 Per Share All-Cash Offer Calls on the Board to Provide Diligence Access and Pursue a Competitive Process to Maximize Value for Stockholders LOS ANGELES, July 09, 2026 (GLOBE NEWSWIRE) -- The Donerail Group (“Donerail”), one of the largest stockholders of Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”), today issued an open letter to Beazer’s Board of Directors (the “Board”)
About this update from Beazer Homes Usa, Inc.
Urges the Board to Engage with DFH and Other Bona Fide Prospective Acquirors Following DFH's Revised $32.00 Per Share All-Cash Offer Calls on the Board to Provide Diligence Access and Pursue a Competitive Process to Maximize Value for Stockholders LOS ANGELES, July 09, 2026 (GLOBE NEWSWIRE) -- The Donerail Group ("Donerail"), one of the largest stockholders of Beazer Homes USA, Inc. (NYSE: BZH) ("Beazer" or the "Company"), today issued an open letter to Beazer's Board of Directors (the "Board") regarding Dream Finders Homes, Inc.'s ("DFH") revised unsolicited proposal to acquire the Company for $32.00 per share in cash. In the letter, Donerail urges the Board to engage with DFH and other bona fide prospective acquirors, provide appropriate diligence access, and pursue a competitive strategic process that it believes would maximize value for stockholders. The full text of the letter follows: July 9, 2026 Beazer Homes USA, Inc.2002 Summit Boulevard NE, 15th FloorAtlanta, Georgia 30319 Attn: Allan P. Merrill, Chairman, President and Chief Executive Officercc: Board of Directors Dear Mr. Merrill, As you are aware, The Donerail Group (together with its affiliates, "Donerail" or "we") is one of Beazer Homes USA, Inc.'s ("Beazer" or the "Company") largest stockholders. We have appreciated the heightened engagement that we have had with the Company's senior leadership team following the reports of Dream Finders Homes, Inc.'s ("DFH") unsolicited offer to acquire the Company for $25.75 per share on May 5th and the decision made by the Company's Board of Directors (the "Board") to reject that offer on May 11th.1 As you know, this was a rejection that we supported. Following the news on July 8th of DFH's latest revised offer of $32.00 per share ("DFH Revised Offer")2, alongside the Company's own report that it has received interest from additional parties regarding a range of potential transactions3, we believe the situation has fundamentally shifted. In our view, rejecting these overtures is no longer warranted. The DFH Revised Offer – alongside any potential for it to be increased further – represents what we believe is a more than sufficiently attractive offer price for the Board to grant DFH, and any other similarly credible and willing suitor, full access to requested diligence. We believe the Board's fiduciary obligations require it to seriously consider and en...
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