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When importing a DXF as a background, it does not show up in the model, even when pressing zoom extents.
Since all layers will be displayed, this could be due to some extra elements being located far way from the main drawing. So, when you click the zoom extents button, the model will zoom very far out in order to display everything.
This could also occur if your model is located in a different place (based on the X/Y coordinates) Try going to View > Zoom > Zoom Center and zooming to a coordinate that you know is within the drawing. You could also bring the background file into a blank drawing and locate the center coordinates of the drawing that way.
Also try saving and reopening the model, or opening the DXF in a program such as AutoCAD or MicroStation to check for problems.
Lastly, if your model is made up of unsupported entities such as Mtext, Arc, etc, they will not show up and will need to be converted to single line text and regular polylines.
Text is not displaying in my DXF background