Business
Lennar Announces Final Exchange Ratio of 4.1367 in Exchange Offer
Lennar Corporation (NYSE: LEN and LEN.B) ("Lennar") announced today a final exchange ratio of 4.1367 (the "Final Exchange Ratio") for its previously announced offer to exchange up to 33,298,764 shares of Millrose Properties, Inc. (NYSE: MRP) ("Millrose") Class A stock it owns (approximately 20% total outstanding Millrose stock) for outstanding shares of Lennar Class A common stock (the "Exchange Offer").
About this update from Millrose Properties, Inc.
[{"type":"text","content":"MIAMI, Nov. 20, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) ("Lennar") announced today a final exchange ratio of 4.1367 (the "Final Exchange Ratio") for its previously announced offer to exchange up to 33,298,764 shares of Millrose Properties, Inc. (NYSE: MRP) ("Millrose") Class A stock it owns (approximately 20% total outstanding Millrose stock) for outstanding shares of Lennar Class A common stock (the "Exchange Offer").","length":484,"tagName":"p"},{"type":"text","content":"For each share of Lennar Class A common stock that is validly tendered and not validly withdrawn by Lennar stockholders and that is accepted by Lennar pursuant to the terms of the Exchange Offer, the tendering stockholders will receive 4.1367 shares of Millrose Class A common stock.","length":283,"tagName":"p"},{"type":"text","content":"Based on the Final Exchange Ratio, Lennar can accept for exchange up to approximately 8,049,596 shares of Lennar Class A common stock if the Exchange Offer is fully subscribed. Because the Exchange Offer will be subject to proration if it is oversubscribed, the number of shares of Lennar Class A common stock that Lennar accepts in the Exchange Offer may be less than the number of shares validly tendered by Lennar stockholders.","length":430,"tagName":"p"},{"type":"text","content":"The Exchange Offer is scheduled to expire at 12:00 midnight, New York City time, on November 21, 2025.","length":102,"tagName":"p"},{"type":"text","content":"About LennarLennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments.","length":687,"tagName":"p"},{"type":"text","content":"Forward-Looking StatementsThis communication contains certain statements about Lennar and Millrose that a...