#USA #Miami #Stockholders #Lennar Corporation #Millrose Properties

Lennar Corporation Announces Start of Millrose Spin-off

Lennar Corporation, a leading name in homebuilding, has taken a significant step forward in its business strategy by announcing the record date and election period for the spin-off of Millrose Properties, Inc., marking an exciting new chapter for stockholders. This spin-off represents approximately 80% of Millrose's stock and is a critical transition towards enhancing shareholder value and operational focus.

According to the announcement made on January 21, 2025, all holders of Lennar’s Class A or Class B common stock as of the close of business today are invited to participate in this opportunity. Beginning February 7, 2025, these stockholders will receive one share of Millrose Class A common stock for every two shares of Lennar common stock they possess. It’s worth noting that shares accumulated after the record date, including through various trading activities, will not qualify for this distribution. This crucial stipulation aims to clarify the eligibility criteria for interested stakeholders.

Additionally, Lennar shareholders have the unique option to elect to receive Millrose Class B common stock instead of the Class A shares. This election period begins today and concludes at 5 PM New York City time on February 3, 2025. Stockholders wishing to execute this option must follow specific guidelines laid out in the election-related materials they will receive through mail or which can be accessed via their brokerage firms.

Understanding the Spin-off

This strategic move is part of Lennar's broader vision to streamline its operations and focus on its core competencies. Once the spin-off is finalized, Millrose Properties will function as an independent publicly traded entity. The main business undertakings of Millrose will revolve around land acquisitions, development projects, and options for home site purchases. This division will not only enhance operational efficacy but is also expected to create more tailored solutions for Lennar and its partners in the real estate sector.

Stockholders should stay keenly informed about the spin-off process and their rights as shareholders. Detailed information is accessible via Millrose's registration statement on Form S-11, which has been declared effective by the SEC. This includes a prospectus available for stakeholders to understand their entitlements better in this transition. Millrose has facilitate communication by providing contact details for inquiries.

The Future Direction for Lennar and Millrose

As Lennar Corporation makes this transition, both entities are expected to explore new opportunities for growth and innovation. Lennar has a solid foundation built since 1954, known for constructing high-quality homes for varied demographics. Their Financial Services segment further complements their homebuilding operations by supporting buyers with mortgage solutions.

Now, with Millrose taking a new step towards being an independent player in the market, the collaboration potential with other homebuilders and developers will be pivotal. This enhanced focus on development and strategic partnerships signifies strong prospects for both companies.

In closing, as Lennar progresses with this spin-off, stockholders must act promptly to understand their options and make necessary decisions within the prescribed time frame. This endeavor could be a defining moment for both Lennar and Millrose Properties, creating value and expanding the horizons for stakeholders.

Conclusion

For more comprehensive information, Lennar shareholders can consult the SEC website or directly reach out to Millrose Properties for further assistance. As the dates approach, the interest and engagement of stockholders will undoubtedly play a crucial role in the success of this transition.