<p><em>董事会一致认为提案严重低估了贝哲</em></p>
<p>亚特兰大 --（商业资讯）-- 贝哲房屋美国公司（NYSE: BZH）（“贝哲” 或 “公司”）今天确认，其董事会（“贝哲董事会”）在财务和法律顾问的协助下，评估并拒绝了来自梦寻家园公司（NYSE: DFH）（“梦寻家园”）的多项非约束性收购提案，梦寻家园希望收购贝哲所有的流通股。在评估这些提案时，贝哲董事会认为这些提案严重低估了公司，不符合贝哲股东的最佳利益，也未能为讨论建立适当的基础。</p>
<p>梦寻家园于 2026 年 5 月 5 日向公司传达的最新提案（“5 月 5 日提案”）提供了每股 25.75 美元的现金。5 月 5 日提案之前，梦寻家园还提出了两项收购贝哲的提案：2026 年 3 月 17 日的提案为每股 29.00 美元的现金（“3 月 17 日提案”），以及 2026 年 2 月 5 日的初始提案为每股 28.50 美元的现金。值得注意的是，5 月 5 日提案相比于 3 月 17 日提案减少了 11%，相比于 2 月 5 日提案减少了 10%。贝哲董事会一致认为这三项提案都严重低估了贝哲，因此，任何提案都不符合贝哲股东的最佳利益。</p>
<p>在拒绝梦寻家园的每一项提案时，贝哲董事会考虑了以下因素：</p>
<ul>
<li><strong>这些提案相对于每股账面价值存在显著折扣，而自最初的 2 月 5 日提案以来，账面价值只增不减。</strong> 贝哲董事会认为，股东应当得到适当的补偿，以反映公司资产的价值，尤其是其土地资产，贝哲董事会相信这些资产无法以公司支付的价格进行替代。这些提案对贝哲的内在价值存在显著且不合理的折扣，近期和历史的行业交易也不支持这样的估值。值得注意的是，尽管贝哲的基本实力没有变化，且自梦寻家园提出前两项提案以来，公司的每股账面价值有所增加，但 5 月 5 日提案中的每股价格却有所降低。具体而言，贝哲最近报告的每股账面价值为 41.83 美元，而 5 月 5 日提案仅以每股 25.75 美元收购公司。这一 38% 的折扣代表了大约 4.5 亿美元的总价值。</li>
<li><strong>执行公司的多年度目标是最大化股东价值的最佳途径。</strong> 贝哲已多次向投资者和所有利益相关者阐明其三项多年度目标，专注于增加社区数量、降低负债率和提高每股账面价值。公司的管理团队继续灵活地执行并朝着这些目标努力。正如管理层在最近的财报电话会议上所提到的，公司的销售速度在第二季度有所改善，认为近期的毛利率扩张催化剂已经到位，平均销售价格呈上升趋势，社区数量也在增长。因此，贝哲董事会相信，执行公司的战略计划将为贝哲股东带来远超梦寻家园提案的价值。</li>
<li><strong>贝哲的资本配置策略和强大的流动性为其提供了充足的财务灵活性，不仅可以资助其运营、财务和战略目标，还可以向股东返还大量资本。</strong> 在贷款合作伙伴的强力支持下，公司最近将其无担保循环信贷额度增加了 1.6 亿美元，达到 5.25 亿美元。此外，信贷额度的到期日延长了两年，至 2030 年 3 月，进一步增强了公司的资产负债表，并展示了贷款方对公司战略计划的信心。公司还预计在 2026 财年通过出售非战略性土地资产将产生超过 1.5 亿美元的收益，整体收益将高于账面价值。这部分收益将用于继续执行公司的当前股票回购计划，向股东返还多余资本，进一步提升股东价值。贝哲董事会仍致力于以公司的股东最佳利益为行动准则，并将继续评估增强股东价值的机会，以履行其信托责任。为此，贝哲董事会高度自信，继续执行公司的战略计划，依托强大的资产基础和流动性，将为股东带来远超梦寻家园提案的价值。</li>
</ul>
<p>摩根大通证券公司和 Moelis &amp; Company LLC 担任贝哲的财务顾问。金斯帕尔丁律师事务所担任法律顾问。Collected Strategies 担任战略传播顾问。</p>
<p><strong>关于贝哲房屋</strong></p>
<p>贝哲房屋（NYSE: BZH）总部位于乔治亚州亚特兰大，是一家领先的国家级节能建筑住宅开发商。贝哲在九代人的传承基础上，打造出能够提供节省和持久价值的住宅。我们值得信赖的专家团队引导购房者完成建筑和购买过程，提供行业领先的客户体验。通过精心挑选的设计选项，买家可以自信地个性化他们的家。贝哲的独家抵押贷款选择计划提供来自多家贷款机构的竞争性贷款报价，帮助购房者选择最适合他们个人需求的融资方案。贝哲在全国 13 个州进行建筑。欲了解更多信息，请访问 www.beazer.com，或在 Facebook、Instagram 和 Twitter 上查看贝哲。</p>
<p><strong>前瞻性声明</strong></p>
<p>本新闻稿包含前瞻性声明。这些前瞻性声明代表了我们对未来事件的预期或信念，可能无法实现本新闻稿中描述的结果。这些前瞻性声明受到风险、不确定性和其他因素的影响，其中许多因素超出了我们的控制范围，可能导致实际结果与这些前瞻性声明中讨论的结果存在重大差异，包括但不限于在我们于 2025 年 11 月 13 日向证券交易委员会提交的截至 2025 年 9 月 30 日的年度报告的 “风险因素” 部分中讨论的风险、不确定性和其他因素。本新闻稿中的 “前瞻性” 声明包括但不限于以下内容：(i) 董事会对公司资产价值及其替代成本的信念；(ii) 公司在实现其多年度目标方面的能力，包括增加社区数量、降低资产负债表杠杆和提高每股账面价值；(iii) 公司资本配置策略和财务灵活性，以资助其运营、财务和战略目标，并向股东返还大量资本，包括公司预计在 2026 财年通过出售非战略性土地资产产生超过 1.5 亿美元的收入，并打算将部分销售收入用于继续执行当前的股票回购计划；以及 (iv) 董事会相信，继续执行公司的战略计划将为股东带来远超追求 Dream Finders 于 2026 年 5 月 5 日提出的交易的价值。任何前瞻性声明，包括任何表达对未来结果的信心的声明，仅在作出该声明的日期有效，除法律要求外，我们不承担更新任何前瞻性声明的义务，以反映该声明作出后的事件或情况，或反映意外事件的发生。新的因素会不时出现，无法预测所有这些因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjA1MTEyMzAxNzRyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjA1MTEyMzAxNzRyMQ"/></p>
<p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260511230174/en/</p>
<p>David I. Goldberg</p>
<p>高级副总裁兼首席财务官</p>
<p>770-829-3700</p>
<p>investor.relations@beazer.com</p>
<p>媒体：</p>
<p>Nick Lamplough / Jim Golden / Clayton Erwin</p>
<p>Collected Strategies</p>
<p>Beazer-CS@collectedstrategies.com</p>
<p>来源：Beazer Homes USA, Inc.</p>

贝哲房屋

<p>贝哲房屋（Beazer Homes USA, Inc.）拒绝了来自梦寻家园（Dream Finders Homes）的多项未经请求的收购提议，称这些提议严重低估了公司的价值。董事会认为，包括最近每股 25.75 美元的提议在内的报价，并未反映贝哲的真实资产价值，而其账面价值已上升至每股 41.83 美元。贝哲的战略专注于通过增长和财务灵活性来最大化股东价值，得益于强劲的流动性和最近增加的信贷额度。董事会仍然致力于通过其战略计划提升股东价值</p>

<p><em>Board Unanimously Determined Proposals Materially Undervalue Beazer</em></p>
<div class="lb-trans"><p><em>董事会一致认为提案严重低估了贝哲</em></p>
</div><p>ATLANTA--(BUSINESS WIRE)--Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”) today confirmed that its Board of Directors (the “Beazer Board”), with the assistance of its financial and legal advisors, has evaluated and rejected multiple unsolicited, non-binding proposals from Dream Finders Homes, Inc. (NYSE: DFH) (“Dream Finders”) to acquire all of the outstanding shares of Beazer. In evaluating the proposals, the Beazer Board determined that they significantly undervalued the Company, were not in the best interests of Beazer shareholders and did not establish an appropriate basis for discussions.</p>
<div class="lb-trans"><p>亚特兰大 --（商业资讯）-- 贝哲房屋美国公司（NYSE: BZH）（“贝哲” 或 “公司”）今天确认，其董事会（“贝哲董事会”）在财务和法律顾问的协助下，评估并拒绝了来自梦寻家园公司（NYSE: DFH）（“梦寻家园”）的多项非约束性收购提案，梦寻家园希望收购贝哲所有的流通股。在评估这些提案时，贝哲董事会认为这些提案严重低估了公司，不符合贝哲股东的最佳利益，也未能为讨论建立适当的基础。</p>
</div><p>Dream Finders’ most recent proposal conveyed to the Company on May 5, 2026 (the “May 5 Proposal”) offered $25.75 per share in cash. The May 5 Proposal was preceded by two other proposals from Dream Finders to acquire Beazer: a proposal on March 17, 2026, for $29.00 per share in cash (the “March 17 Proposal”) and an initial proposal on February 5, 2026, for $28.50 per share in cash. Notably, the May 5 Proposal represented an 11% <em>reduction</em> from the March 17 Proposal and a 10% <em>reduction</em> from the February 5 Proposal. The Beazer Board has unanimously determined that all three proposals significantly undervalue Beazer and, therefore, none of the proposals are in the best interests of Beazer shareholders.</p>
<div class="lb-trans"><p>梦寻家园于 2026 年 5 月 5 日向公司传达的最新提案（“5 月 5 日提案”）提供了每股 25.75 美元的现金。5 月 5 日提案之前，梦寻家园还提出了两项收购贝哲的提案：2026 年 3 月 17 日的提案为每股 29.00 美元的现金（“3 月 17 日提案”），以及 2026 年 2 月 5 日的初始提案为每股 28.50 美元的现金。值得注意的是，5 月 5 日提案相比于 3 月 17 日提案减少了 11%，相比于 2 月 5 日提案减少了 10%。贝哲董事会一致认为这三项提案都严重低估了贝哲，因此，任何提案都不符合贝哲股东的最佳利益。</p>
</div><p>In rejecting each of Dream Finders’ proposals, the Beazer Board considered, among others, the following factors:</p>
<div class="lb-trans"><p>在拒绝梦寻家园的每一项提案时，贝哲董事会考虑了以下因素：</p>
</div><ul>
<li><strong>The proposals represent a significant discount to book value per share, which has only grown since the initial February 5 proposal.</strong> The Beazer Board believes shareholders should be appropriately compensated for the value of the Company’s assets, especially its land assets, which Beazer’s Board is confident could not be replaced for what the Company paid for them. The proposals represent a significant and unwarranted discount to Beazer’s inherent value, and neither recent nor historical industry transactions support such a valuation.Notably, the reduced per share price in the May 5 proposal was proposed despite the fundamental strengths of Beazer being unchanged and the book value per share of the Company’s assets increasing since Dream Finders made its first two proposals. Specifically, Beazer’s most recently reported book value was $41.83 per share, while the May 5 proposal offers to purchase the Company for only $25.75 per share. This 38% discount represents approximately $450 million of total value.</li>
<li><strong>Executing the Company’s Multi-Year Goals is the best path for maximizing shareholder value.</strong> Beazer has repeatedly articulated to investors and all stakeholders its three Multi-Year Goals, which are focused on growing community count, de-leveraging the balance sheet and growing book value per share. The Company’s management team continues to nimbly execute and work towards these goals. As management noted on its recent earnings call, the Company’s sales pace improved in Q2, it believes near-term gross margin expansion catalysts are in place, average sales prices are trending higher and community count is growing. Accordingly, Beazer’s Board is confident that the execution of the Company’s strategic plan will yield substantially more value for Beazer shareholders than pursuing the transaction proposed by Dream Finders.</li>
<li><strong>Beazer’s capital allocation strategy and strong liquidity position provide it with ample financial flexibility, not only to fund its operating, financial and strategic objectives, but also to return significant capital to shareholders.</strong> With strong support from its lending partners, the Company recently increased its senior unsecured revolving credit facility by $160 million to $525 million. In addition, the maturity date of the credit facility was extended by two years to March 2030, further strengthening the Company’s balance sheet and demonstrating its lenders’ confidence in the Company’s strategic plan.The Company also expects to generate more than $150 million as a result of selling non-strategic land positions in fiscal 2026, with aggregate proceeds above book value. A portion of these proceeds will be used to continue to execute on the Company’s current share repurchase program, returning excess capital to shareholders and further enhancing shareholder value.The Beazer Board of Directors remains committed to acting in the best interests of the Company’s shareholders and will continue to evaluate opportunities to enhance shareholder value consistent with its fiduciary duties. To that end, Beazer’s Board is 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.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>这些提案相对于每股账面价值存在显著折扣，而自最初的 2 月 5 日提案以来，账面价值只增不减。</strong> 贝哲董事会认为，股东应当得到适当的补偿，以反映公司资产的价值，尤其是其土地资产，贝哲董事会相信这些资产无法以公司支付的价格进行替代。这些提案对贝哲的内在价值存在显著且不合理的折扣，近期和历史的行业交易也不支持这样的估值。值得注意的是，尽管贝哲的基本实力没有变化，且自梦寻家园提出前两项提案以来，公司的每股账面价值有所增加，但 5 月 5 日提案中的每股价格却有所降低。具体而言，贝哲最近报告的每股账面价值为 41.83 美元，而 5 月 5 日提案仅以每股 25.75 美元收购公司。这一 38% 的折扣代表了大约 4.5 亿美元的总价值。</li>
<li><strong>执行公司的多年度目标是最大化股东价值的最佳途径。</strong> 贝哲已多次向投资者和所有利益相关者阐明其三项多年度目标，专注于增加社区数量、降低负债率和提高每股账面价值。公司的管理团队继续灵活地执行并朝着这些目标努力。正如管理层在最近的财报电话会议上所提到的，公司的销售速度在第二季度有所改善，认为近期的毛利率扩张催化剂已经到位，平均销售价格呈上升趋势，社区数量也在增长。因此，贝哲董事会相信，执行公司的战略计划将为贝哲股东带来远超梦寻家园提案的价值。</li>
<li><strong>贝哲的资本配置策略和强大的流动性为其提供了充足的财务灵活性，不仅可以资助其运营、财务和战略目标，还可以向股东返还大量资本。</strong> 在贷款合作伙伴的强力支持下，公司最近将其无担保循环信贷额度增加了 1.6 亿美元，达到 5.25 亿美元。此外，信贷额度的到期日延长了两年，至 2030 年 3 月，进一步增强了公司的资产负债表，并展示了贷款方对公司战略计划的信心。公司还预计在 2026 财年通过出售非战略性土地资产将产生超过 1.5 亿美元的收益，整体收益将高于账面价值。这部分收益将用于继续执行公司的当前股票回购计划，向股东返还多余资本，进一步提升股东价值。贝哲董事会仍致力于以公司的股东最佳利益为行动准则，并将继续评估增强股东价值的机会，以履行其信托责任。为此，贝哲董事会高度自信，继续执行公司的战略计划，依托强大的资产基础和流动性，将为股东带来远超梦寻家园提案的价值。</li>
</ul>
</div><p>J. P. Morgan Securities LLC and Moelis &amp; Company LLC are acting as Beazer’s financial advisors. King &amp; Spalding LLP is serving as legal advisor. Collected Strategies is serving as strategic communications advisor.</p>
<div class="lb-trans"><p>摩根大通证券公司和 Moelis &amp; Company LLC 担任贝哲的财务顾问。金斯帕尔丁律师事务所担任法律顾问。Collected Strategies 担任战略传播顾问。</p>
</div><p><strong>About Beazer Homes</strong></p>
<div class="lb-trans"><p><strong>关于贝哲房屋</strong></p>
</div><p>Beazer Homes (NYSE: BZH), headquartered in Atlanta, Georgia, is a leading national homebuilder in energy-efficient construction. Building on a legacy spanning nine generations, Beazer crafts homes that deliver savings and lasting value. Our trusted team of experts guide homebuyers through the building and purchasing process to deliver an industry-leading customer experience. With curated design options, buyers can personalize their homes with confidence. Beazer's exclusive Mortgage Choice program provides access to competitive loan offers from multiple lenders, helping homebuyers choose the best financing for their individual needs. Beazer builds in 13 states nationwide. For more information, visit www.beazer.com, or check out Beazer on Facebook, Instagram and Twitter.</p>
<div class="lb-trans"><p>贝哲房屋（NYSE: BZH）总部位于乔治亚州亚特兰大，是一家领先的国家级节能建筑住宅开发商。贝哲在九代人的传承基础上，打造出能够提供节省和持久价值的住宅。我们值得信赖的专家团队引导购房者完成建筑和购买过程，提供行业领先的客户体验。通过精心挑选的设计选项，买家可以自信地个性化他们的家。贝哲的独家抵押贷款选择计划提供来自多家贷款机构的竞争性贷款报价，帮助购房者选择最适合他们个人需求的融资方案。贝哲在全国 13 个州进行建筑。欲了解更多信息，请访问 www.beazer.com，或在 Facebook、Instagram 和 Twitter 上查看贝哲。</p>
</div><p><strong>Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性声明</strong></p>
</div><p>This press release contains forward-looking statements. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in these forward-looking statements, including, among others, the risks, uncertainties and other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, which was filed with the Securities and Exchange Commission on November 13, 2025. Statements in this press release that are “forward-looking” include, without limitation, statements regarding (i) the Board’s belief regarding the value of the Company’s assets and the cost to replace them; (ii) the Company’s ability to execute on its Multi-Year Goals, including growing community count, de-leveraging the balance sheet and growing book value per share; (iii) the Company’s capital allocation strategy and financial flexibility to fund its operating, financial and strategic objectives and to return significant capital to shareholders, including the Company’s expectation to generate more than $150 million from selling non-strategic land positions in fiscal 2026 and intention to use a portion of the proceeds from such sales to continue to execute on its current share repurchase program; and (iv) the Board’s belief that continuing to execute on the Company’s strategic plan will yield substantially more value for shareholders than pursuing the transaction that Dream Finders proposed on May 5, 2026. Any forward-looking statement, including any statement expressing confidence regarding future outcomes, speaks only as of the date on which such statement is made and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all such factors.</p>
<div class="lb-trans"><p>本新闻稿包含前瞻性声明。这些前瞻性声明代表了我们对未来事件的预期或信念，可能无法实现本新闻稿中描述的结果。这些前瞻性声明受到风险、不确定性和其他因素的影响，其中许多因素超出了我们的控制范围，可能导致实际结果与这些前瞻性声明中讨论的结果存在重大差异，包括但不限于在我们于 2025 年 11 月 13 日向证券交易委员会提交的截至 2025 年 9 月 30 日的年度报告的 “风险因素” 部分中讨论的风险、不确定性和其他因素。本新闻稿中的 “前瞻性” 声明包括但不限于以下内容：(i) 董事会对公司资产价值及其替代成本的信念；(ii) 公司在实现其多年度目标方面的能力，包括增加社区数量、降低资产负债表杠杆和提高每股账面价值；(iii) 公司资本配置策略和财务灵活性，以资助其运营、财务和战略目标，并向股东返还大量资本，包括公司预计在 2026 财年通过出售非战略性土地资产产生超过 1.5 亿美元的收入，并打算将部分销售收入用于继续执行当前的股票回购计划；以及 (iv) 董事会相信，继续执行公司的战略计划将为股东带来远超追求 Dream Finders 于 2026 年 5 月 5 日提出的交易的价值。任何前瞻性声明，包括任何表达对未来结果的信心的声明，仅在作出该声明的日期有效，除法律要求外，我们不承担更新任何前瞻性声明的义务，以反映该声明作出后的事件或情况，或反映意外事件的发生。新的因素会不时出现，无法预测所有这些因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjA1MTEyMzAxNzRyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260511230174r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20260511230174/en/</p>
<div class="lb-trans"><p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260511230174/en/</p>
</div><p>David I. Goldberg</p>
<div class="lb-trans"><p>David I. Goldberg</p>
</div><p>Sr. Vice President &amp; Chief Financial Officer</p>
<div class="lb-trans"><p>高级副总裁兼首席财务官</p>
</div><p>770-829-3700</p>
<div class="lb-trans"><p>770-829-3700</p>
</div><p>investor.relations@beazer.com</p>
<div class="lb-trans"><p>investor.relations@beazer.com</p>
</div><p>Media:</p>
<div class="lb-trans"><p>媒体：</p>
</div><p>Nick Lamplough / Jim Golden / Clayton Erwin</p>
<div class="lb-trans"><p>Nick Lamplough / Jim Golden / Clayton Erwin</p>
</div><p>Collected Strategies</p>
<div class="lb-trans"><p>Collected Strategies</p>
</div><p>Beazer-CS@collectedstrategies.com</p>
<div class="lb-trans"><p>Beazer-CS@collectedstrategies.com</p>
</div><p>Source: Beazer Homes USA, Inc.</p>
<div class="lb-trans"><p>来源：Beazer Homes USA, Inc.</p>
</div>

Beazer Homes Announces Rejection of Unsolicited Proposals from Dream Finders Homes | BZH Stock News

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贝哲房屋宣布拒绝 Dream Finders Homes 的主动收购提案 | BZH 股票新闻