#Exchange Offer #Lennar Corporation #Millrose Properties

Lennar Corporation Announces Preliminary Exchange Offer Results

On November 24, 2025, Lennar Corporation (NYSE: LEN and LEN.B) reported preliminary results for its exchange offer concerning shares of Millrose Properties, Inc. (NYSE: MRP). Lennar offered to exchange up to 33,298,764 shares of Millrose's Class A stock, which is roughly 20% of its total outstanding stock, in a highly anticipated move among investors. The offer concluded at midnight on November 21, 2025, but stockholders who opted for guaranteed delivery have until 5 PM on November 25 to complete the necessary procedures.

The results show that the exchange offer was oversubscribed, suggesting robust investor confidence. The specific terms of the exchange allowed shareholders of Lennar's Class A common stock to receive 4.1367 shares of Millrose's Class A common stock for each validly tendered share they submitted that was accepted. The exchange agent, Computershare Trust Company, N.A., reported that a total of 91,972,752 shares were validly tendered, which included 31,341,148 shares submitted via guaranteed delivery. From this, Lennar plans to accept around 8,049,596 shares in exchange for the Millrose stock.

Given that the exchange offer was oversubscribed, a pro rata distribution will occur for the acceptance of validly tendered shares. This means only a portion of the shares will be exchanged based on the number submitted. Interestingly, stockholders with fewer than 100 shares, known as