Beazer shareholders approve Dream Finders buyout (Courtesy of the Jacksonville Daily Record) — Shareholders of Beazer Homes USA Inc. overwhelmingly approved a buyout by Jacksonville-based Dream Finders Homes Inc. at an Oct. 15 special meeting, according to a Securities and Exchange Commission filing by Atlanta-based Beazer.
The companies agreed Aug. 7 for Dream Finders to buy Beazer for $33.50 a share in cash, a price that was 78.5% above Beazer’s trading price when Dream Finders announced in May it was interested in acquiring Beazer.
The SEC filing said 21.5 million Beazer shares were voted in favor of the deal and only 12,898 were opposed.
Beazer said the merger is expected to be completed within days, subject to satisfaction of certain closing conditions.
Dream Finders is paying $915 million in cash to acquire Beazer’s shares. Including the assumption of debt, the total value of the deal is $2.2 billion.
The merger will expand Dream Finders’ homebuilding operations to give it 520 active communities in 26 markets across the Southeast, mid-Atlantic, Texas, the West and the Midwest.