Oct. 10 at 2:08 PM
Lennar Corporation announced an offer to exchange its roughly 20% stake in Millrose Properties for Lennar Class A common shares. The voluntary exchange offer, starting immediately and ending on 07.11.2025, allows Lennar shareholders to trade their Class A shares for Millrose Class A shares at a 6% discount, capped at 4.1367 Millrose shares per Lennar share. Lennar currently holds 33,298,764 Millrose Class A shares, about 20% of Millrose’s outstanding shares, following Millrose’s spin-off in February 2025. The final exchange ratio will be based on the average stock prices over the three trading days ending 05.11.2025. Any unsubscribed shares will be disposed of in subsequent transactions. Goldman Sachs and J.P. Morgan Securities are managing the offer. Lennar Class B shareholders are not eligible.
$LEN $LEN.B