Business
Lennar Launches Exchange Offer of Millrose Stock for Lennar Stock
Lennar Corporation (NYSE: LEN and LEN.B) ("Lennar"), one of the nation's leading homebuilders, announced today its offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties, Inc. (NYSE: MRP) ("Millrose") for outstanding shares of Lennar Class A common stock (the "Exchange Offer"). In February 2025, Lennar completed the spin-off of Millrose through a distribution of approximately 80% of Millrose's stock to Lennar stockholders.
About this update from Lennar Corporation
[{"type":"text","content":"MIAMI, Oct. 10, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) ("Lennar"), one of the nation's leading homebuilders, announced today its offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties, Inc. (NYSE: MRP) ("Millrose") for outstanding shares of Lennar Class A common stock (the "Exchange Offer"). In February 2025, Lennar completed the spin-off of Millrose through a distribution of approximately 80% of Millrose's stock to Lennar stockholders.","length":549,"tagName":"p"},{"type":"text","content":"The Exchange Offer begins immediately and will expire on November 7, 2025, unless extended or terminated. The Exchange Offer enables Lennar stockholders to exchange shares of Lennar Class A common stock for shares of Millrose Class A common stock at a 6% discount, subject to an upper limit of 4.1367 shares of Millrose Class A common stock per share of Lennar Class A common stock tendered and accepted in the Exchange Offer.","length":426,"tagName":"p"},{"type":"text","content":"Lennar will determine the ratio at which shares of Lennar Class A common stock and shares of Millrose Class A common stock will be exchanged by reference to the arithmetic average of the daily volume-weighted average prices of shares of Lennar Class A common stock and Millrose Class A common stock on the NYSE during the three consecutive trading days ending on and including the second trading day preceding the expiration date of the Exchange Offer, which are expected to be November 3, November 4 and November 5, 2025, if the Exchange Offer is not extended or terminated. The final exchange ratio, reflecting the number of shares of Millrose Class A common stock that tendering stockholders will receive for each share of Lennar Class A common stock accepted in the Exchange Offer, will be announced by press release by 9:00 a.m., New York City time, on the trading day immediately preceding the expiration date of the Exchange Offer (which expiration date, if the Exchange Offer is not extended or terminated, will be November 7, 2025). The final exchange ratio, when announced, and a daily indicative exchange ratio beginning on the third trading day of the Exchange Offer period, will also be available at www.envisionreports.com/lennarexchange.","length":1252,"tagName":"p"},...