Key Points

Although this was rejected, Beazer revealed that there are other would-be buyers in the mix.
This is a takeover story that has been developing for months.

The latest developments in a long-running takeover saga helped lift Beazer Homes stock impressively as the week flew by. According to data compiled by S and P Global Market Intelligence, the company's shares were riding nearly 11 percent higher week to date as of Friday before market open.

Takeover talk

The other player in that drama is peer housing construction company Dream Finders Homes, which has been trying to get Beazer to agree to a deal since the beginning of this year. On Wednesday, it made its fourth offer public, with a bid of 32 dollars per share for Beazer.

Dream Finders did not hesitate to mention that this was 24 percent above its previous offer, made in May. However, that bid followed a decline in Beazer's share price. Meanwhile, Dream Finders made three other bids including 29 dollars per share, offered in March and upgraded to 29.25 dollars in June, and 28.50 dollars per share in February.

On Wednesday, Beazer quickly responded to Dream Finders' latest attempt. It said that since the May bid, it had attracted interest from other potential suitors, and added that management would be willing to begin takeover talks under three conditions it set with the June bid.

Although Dream Finders' 32-dollar-per-share bid met two of those terms, the company categorically rejected the third. Beazer's follow-up stated that its board of directors believes this latest offer is not in the best interests of shareholders.

Decisions, decisions

Investors were not excited because Dream Finders keeps lobbing offers at Beazer. Rather, they were cheered by the fact that others are in the hunt. With more than one suitor in play, it feels very possible Beazer will have a new majority shareholder before long. Developments in this story merit ongoing monitoring.