Lennar launches exchange offer of Millrose Properties stock for Lennar stock

Lennar (LEN) announced its offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties (MRP) for outstanding shares of Lennar Class A common stock. In February 2025, Lennar completed the spin-off of Millrose through a distribution of approximately 80% of Millrose’s stock to Lennar stockholders. 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. Goldman Sachs & Co. and J.P. Morgan Securities are serving as dealer managers for the Exchange Offer.