Dream Finders Beazer deal targets $100 million cost savings

Dream Finders Homes and Beazer Homes announced early Friday that they have reached a definitive agreement under which Dream Finders will acquire Beazer for $33.50 per share in cash, valuing the transaction at approximately $2.2 billion in enterprise value.As for pomp, the deal has been unanimously approved by both boards and, subject to Beazer shareholder and regulatory approvals and other customary conditions, is expected to close during the fourth quarter.So ends – barring an unexpected intervention – a months-long pursuit that began privately, became hostile, moved into an increasingly public argument over valuation and negotiating terms, and ultimately ended with Dream Finders paying more.The final $33.50 is $1.50 above Dream Finders’ most recent $32-per-share proposal and $7.75, or about 30%, above the $25.75 offer that turned the contest public in May. It is also $4.50 above the $29 private proposal Dream Finders had made in March.Dream Finders succeeded in landing its target. Beazer got Dream Finders to pay more for it. With the agreement in hand, analysis turns to whether Dream Finders can make the economics work in a market navigating a slew of uncertainties and a sluggish...