[425] – LENNAR CORP /NEW/ (LEN, LEN-B) (CIK 0000920760)
Lennar Corporation commenced an Exchange Offer to exchange up to 33,298,764 shares of Millrose Properties Class A common stock it owns for outstanding shares of Lennar Class A common stock that are validly tendered and not withdrawn.
The offer targets a 6% discount into Millrose stock, meaning for each $100 of Lennar stock accepted, holders would receive about $106.38 of Millrose stock based on the indicative ratio as of October 10, 2025, subject to an upper limit of 4.1367 Millrose shares per Lennar share. If the upper limit applies, the value per $100 of Lennar stock would be less than $106.38.
Pricing is set by the simple average of NYSE VWAPs over the Averaging Period (currently expected to be November 3–5, 2025 if not extended). The Exchange Offer and withdrawal rights expire at 12:00 midnight ET on November 7, 2025; Lennar 401(k) plan withdrawals close at 4:00 p.m. ET on November 3, 2025. If oversubscribed, tenders are generally accepted pro rata, with odd-lot holders (less than 100 shares) who tender all shares exempt from proration. Fractional Millrose shares will be aggregated and sold for the accounts of tendering holders.
Lennar Corporation ha avviato un'Offerta di Scambio per scambiare fino a 33.298.764 azioni di Millrose Properties Class A in suo possesso per le azioni comuni Lennar Class A valide offerte e non ritirate.
L'offerta prevede uno sconto del 6% sul valore delle azioni Millrose, il che significa che per ogni $100 di azioni Lennar accettate, gli azionisti riceverebbero circa $106.38 di azioni Millrose sulla base del rapporto indicativo al 10 ottobre 2025, soggetto a un limite massimo di 4,1367 azioni Millrose per azione Lennar. Se si applica il limite superiore, il valore per ogni $100 di azioni Lennar sarebbe inferiore a $106.38.
La determinazione dei prezzi è fissata dalla semplice media degli NYSE VWAP nel Periodo di Averaging (attualmente previsto tra il 3–5 novembre 2025 se non prolungato). L'Offerta di Exchange e i diritti di ritiro scadono alle 12:00 midnight ET del 7 novembre 2025; i prelievi dal piano 401(k) Lennar si chiudono alle 16:00 ET del 3 novembre 2025. In caso di superamento della domanda, le offerte sono generalmente accettate pro rata, con i titolari di ordini dispari (<100 azioni) che ritirano tutte le azioni esenti dalla prorata. Le azioni Millrose frazionarie saranno aggregate e vendute per i conti dei detentori che hanno offerto.
Lennar Corporation inició una Oferta de Intercambio para canjear hasta 33.298.764 acciones de Millrose Properties Class A de su propiedad a cambio de las acciones comunes Lennar Class A válidamente ofrecidas y no retiradas.
La oferta apunta a un descuento del 6% sobre las acciones de Millrose, lo que significa que por cada $100 de acciones Lennar aceptadas, los titulares recibirían alrededor de $106.38 de acciones Millrose basadas en la relación indicativa a la fecha 10 de octubre de 2025, sujeta a un límite máximo de 4.1367 acciones Millrose por acción Lennar. Si se aplica el límite superior, el valor por cada $100 de acciones Lennar sería inferior a $106.38.
El precio se establece por la media simple de los VWAP de la NYSE durante el Período de Promediado (actualmente previsto para 3–5 de noviembre de 2025 si no se extiende). La Oferta de Intercambio y los derechos de retiro expiran a las 12:00 de la medianoche, hora del Este, del 7 de noviembre de 2025; los retiros del plan 401(k) de Lennar cierran a las 4:00 p.m. hora del Este, del 3 de noviembre de 2025. Si hay sobredemanda, las ofertas suelen aceptarse pro rata, con los tenedores de lotes irregulares (<100 acciones) que retiran todas las acciones exentas de la prorata. Las acciones fragmentarias de Millrose se agregan y se venden para las cuentas de los tenedores oferentes.
Lennar Corporation은(는) 소유한 Millrose Properties Class A 일반주식 3,329만 8,764주를 교환하여 현저하게 제출되고 철회되지 않은 Lennar Class A 일반주식과 교환하는 교환 제안을 시작했습니다.
이 제안은 Millrose 주식에 대해 6% 할인을 목표로 하며, Lennar 주식 $100당 교환되는 주주들은 약 $106.38의 Millrose 주식을 받게 되며, 이는 2025년 10월 10일 기준의 표시 비율에 따르고, Lennar 주식 1주당 Millrose 주식 최대 4.1367주의 상한선에 의해 제한됩니다. 상한선이 적용되면 Lennar 주식 $100당 가치는 $106.38보다 낮아질 수 있습니다.
가격은 Averaging Period의 NYSE VWAP의 간단 평균으로 결정되며, 현재는 2025년 11월 3–5일 사이에 확정될 예정이며 연장될 수 있습니다. 교환 제안 및 철회 권리는 2025년 11월 7일 자정 ET에 만료되며, Lennar 401(k) 플랜 인출은 2025년 11월 3일 오후 4시 ET에 마감됩니다. 과다 청약 시에는 일반적으로 비례
배분으로 수락되며, ant-lot(100주 미만) 보유자는 모든 주식을 부과 비례 배분에서 면제받습니다. 소수 주 Millrose 주식은 모여서 교환 청약자들의 계정에 대해 매각됩니다.
Lennar Corporation a lancé une Offre d'Échange visant à échanger jusqu'à 33 298 764 actions de classe A de Millrose Properties qu'elle détient contre des actions ordinaires Lennar Class A dûment offertes et non retirées.
L'offre vise une remise de 6 % sur les actions Millrose, ce qui signifie que pour chaque 100 $ d'actions Lennar acceptées, les détenteurs recevraient environ 106,38 $ d'actions Millrose sur la base du ratio indicatif au 10 octobre 2025, sous réserve d'une limite maximale de 4,1367 actions Millrose par action Lennar. Si la limite supérieure s'applique, la valeur par 100 $ d'actions Lennar serait inférieure à 106,38 $.
La tarification est déterminée par la moyenne simple des VWAP de la NYSE sur la Période d'Averaging (actuellement prévu entre le 3 et le 5 novembre 2025 si non prolongé). L'Offre d'Échange et les droits de retrait expirent à minuit, heure de l'Est, le 7 novembre 2025; les retraits du plan 401(k) Lennar se terminent à 16h00, heure de l'Est, le 3 novembre 2025. En cas de sursouscription, les offres sont généralement acceptées au prorata, les porteurs de lots impairs (< 100 actions) qui déposent toutes leurs actions étant exonérés de la proratisation. Les actions Millrose fractionnaires seront regroupées et vendues au profit des comptes des porteurs ayant offert.
Lennar Corporation hat ein Tauschangebot gestartet, um bis zu 33.298.764 Aktien von Millrose Properties Class A, die sie besitzt, gegen ausstehende Lennar Class A Stammaktien zu tauschen, die ordnungsgemäß angeboten und nicht widerrufen wurden.
Das Angebot zielt auf einen 6%igen Rabatt auf Millrose-Aktien ab, was bedeutet, dass Inhaber für jede 100 USD Lennar-Aktien, die angenommen werden, etwa 106,38 USD Millrose-Aktien basierend auf dem indicativen Verhältnis zum 10. Oktober 2025 erhalten würden, vorbehaltlich einer Höchstgrenze von 4,1367 Millrose-Aktien pro Lennar-Aktie. Wird die Obergrenze angewendet, wäre der Wert pro 100 USD Lennar-Aktien geringer als 106,38 USD.
Die Preisfestsetzung erfolgt durch den einfachen Durchschnitt der NYSE VWAP über den Averaging Period (derzeit voraussichtlicher Zeitraum 3.–5. November 2025, falls nicht verlängert). Das Exchange-Angebot und die Rücknahmerechte laufen am Mitternacht ET am 7. November 2025 ab; Ausstiege aus dem Lennar 401(k)-Plan schließen am 16:00 ET am 3. November 2025 ab. Bei Überzeichnung werden Tenders in der Regel pro rata akzeptiert, wobei Odd-Lot-Inhaber (< 100 Aktien) alle Aktien von der Pro-Rata ausgenommen werden. Faule Millrose-Fraktionaktien werden aggregiert und zum Vorteil der konten der Tendernden verkauft.
شركة Lennar بدأت عرض تبادل لاستبدال حتى 33,298,764 سهماً من فئة A لـMillrose Properties التي تمتلكها مقابل أسهم Lennar Class A العادية المعروضة والغير موقوفة.
يستهدف العرض خصم 6٪ إلى أسهم Millrose، وهذا يعني أنه مقابل كل 100 دولار من أسهم Lennar المقبولة، سيحصل المالكون على نحو 106.38 دولار من أسهم Millrose بناءً على النسبة النسبية في 10 أكتوبر 2025، مع حد أقصى قدره 4.1367 أسهم Millrose لكل سهم Lennar. إذا انطبق الحد الأعلى، ستكون القيمة لكل 100 دولار من أسهم Lennar أقل من 106.38 دولار.
يتم تحديد التسعير بمتوسط بسيط لـ VWAP لبورصة نيويورك خلال فترة المتوسط (المتوقع حالياً أن تكون في الفترة من 3-5 نوفمبر 2025 ما لم يتم تمديدها). ينتهي عرض التبادل وحقوق السحب في منتصف الليل بالتوقيت الشرقي في 7 نوفمبر 2025; إغلاقات خطة Lennar 401(k) بالسحب في الساعة 4:00 مساءً بالتوقيت الشرقي في 3 نوفمبر 2025. إذا كان هناك تجاوز في الطلب، فسيتم قبول العروض عادةً بالنسبة النسبية، مع استثناء حاملي التحويل القليل (< 100 سهم) من القسمة. ستُجمع أسهم Millrose الكسرية وتباع لحساب حاملي العروض.
Lennar Corporation 已启动一项换股要约，将最多 33,298,764 股 Millrose Properties Class A 普通股以换取正在有效填报且未撤回的 Lennar Class A 普通股。
该要约针对 Millrose 股票提供 6% 的折价，这意味着对于每$100 Lennar 股票被接受，持有人将根据截至 2025 年 10 月 10 日 之示意比率，约获得 $106.38 的 Millrose 股票，并受每股 Lennar 股票上限 4.1367 股 Millrose 股票的约束。如果适用上限，每 $100 的 Lennar 股票价值将低于 $106.38.
定价由 NYSE VWAP 在平均日期间的简单平均值来设定（若不延长，当前预计为 2025 年 11 月 3–5 日）。换股要约及撤回权将在 2025 年 11 月 7 日格林威治标准时间午夜到期；Lennar 的 401(k) 计划提款将在 2025 年 11 月 3 日 ET 下午 4:00前关闭。若认购超额，通常按 按比例分配接受，单半数股持有者（少于 100 股）在投标中将免于按比例分配。小数股 Millrose 股票将被汇总并用于投标者账户的出售。
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Insights
Administrative share-for-share exchange with a 6% target discount.
Lennar is offering to exchange up to 33,298,764 Millrose Class A shares it owns for tendered Lennar Class A shares. The exchange value is determined by the average NYSE VWAPs over the three-day Averaging Period, with a stated 6% discount into Millrose stock.
The economics hinge on the final exchange ratio and a hard cap of 4.1367 Millrose shares per Lennar share. If the cap binds, holders receive less than
Key dated milestones include the expected Averaging Period on
Lennar Corporation ha avviato un'Offerta di Scambio per scambiare fino a 33.298.764 azioni di Millrose Properties Class A in suo possesso per le azioni comuni Lennar Class A valide offerte e non ritirate.
L'offerta prevede uno sconto del 6% sul valore delle azioni Millrose, il che significa che per ogni $100 di azioni Lennar accettate, gli azionisti riceverebbero circa $106.38 di azioni Millrose sulla base del rapporto indicativo al 10 ottobre 2025, soggetto a un limite massimo di 4,1367 azioni Millrose per azione Lennar. Se si applica il limite superiore, il valore per ogni $100 di azioni Lennar sarebbe inferiore a $106.38.
La determinazione dei prezzi è fissata dalla semplice media degli NYSE VWAP nel Periodo di Averaging (attualmente previsto tra il 3–5 novembre 2025 se non prolungato). L'Offerta di Exchange e i diritti di ritiro scadono alle 12:00 midnight ET del 7 novembre 2025; i prelievi dal piano 401(k) Lennar si chiudono alle 16:00 ET del 3 novembre 2025. In caso di superamento della domanda, le offerte sono generalmente accettate pro rata, con i titolari di ordini dispari (<100 azioni) che ritirano tutte le azioni esenti dalla prorata. Le azioni Millrose frazionarie saranno aggregate e vendute per i conti dei detentori che hanno offerto.
Lennar Corporation inició una Oferta de Intercambio para canjear hasta 33.298.764 acciones de Millrose Properties Class A de su propiedad a cambio de las acciones comunes Lennar Class A válidamente ofrecidas y no retiradas.
La oferta apunta a un descuento del 6% sobre las acciones de Millrose, lo que significa que por cada $100 de acciones Lennar aceptadas, los titulares recibirían alrededor de $106.38 de acciones Millrose basadas en la relación indicativa a la fecha 10 de octubre de 2025, sujeta a un límite máximo de 4.1367 acciones Millrose por acción Lennar. Si se aplica el límite superior, el valor por cada $100 de acciones Lennar sería inferior a $106.38.
El precio se establece por la media simple de los VWAP de la NYSE durante el Período de Promediado (actualmente previsto para 3–5 de noviembre de 2025 si no se extiende). La Oferta de Intercambio y los derechos de retiro expiran a las 12:00 de la medianoche, hora del Este, del 7 de noviembre de 2025; los retiros del plan 401(k) de Lennar cierran a las 4:00 p.m. hora del Este, del 3 de noviembre de 2025. Si hay sobredemanda, las ofertas suelen aceptarse pro rata, con los tenedores de lotes irregulares (<100 acciones) que retiran todas las acciones exentas de la prorata. Las acciones fragmentarias de Millrose se agregan y se venden para las cuentas de los tenedores oferentes.
Lennar Corporation은(는) 소유한 Millrose Properties Class A 일반주식 3,329만 8,764주를 교환하여 현저하게 제출되고 철회되지 않은 Lennar Class A 일반주식과 교환하는 교환 제안을 시작했습니다.
이 제안은 Millrose 주식에 대해 6% 할인을 목표로 하며, Lennar 주식 $100당 교환되는 주주들은 약 $106.38의 Millrose 주식을 받게 되며, 이는 2025년 10월 10일 기준의 표시 비율에 따르고, Lennar 주식 1주당 Millrose 주식 최대 4.1367주의 상한선에 의해 제한됩니다. 상한선이 적용되면 Lennar 주식 $100당 가치는 $106.38보다 낮아질 수 있습니다.
가격은 Averaging Period의 NYSE VWAP의 간단 평균으로 결정되며, 현재는 2025년 11월 3–5일 사이에 확정될 예정이며 연장될 수 있습니다. 교환 제안 및 철회 권리는 2025년 11월 7일 자정 ET에 만료되며, Lennar 401(k) 플랜 인출은 2025년 11월 3일 오후 4시 ET에 마감됩니다. 과다 청약 시에는 일반적으로 비례
배분으로 수락되며, ant-lot(100주 미만) 보유자는 모든 주식을 부과 비례 배분에서 면제받습니다. 소수 주 Millrose 주식은 모여서 교환 청약자들의 계정에 대해 매각됩니다.
Lennar Corporation a lancé une Offre d'Échange visant à échanger jusqu'à 33 298 764 actions de classe A de Millrose Properties qu'elle détient contre des actions ordinaires Lennar Class A dûment offertes et non retirées.
L'offre vise une remise de 6 % sur les actions Millrose, ce qui signifie que pour chaque 100 $ d'actions Lennar acceptées, les détenteurs recevraient environ 106,38 $ d'actions Millrose sur la base du ratio indicatif au 10 octobre 2025, sous réserve d'une limite maximale de 4,1367 actions Millrose par action Lennar. Si la limite supérieure s'applique, la valeur par 100 $ d'actions Lennar serait inférieure à 106,38 $.
La tarification est déterminée par la moyenne simple des VWAP de la NYSE sur la Période d'Averaging (actuellement prévu entre le 3 et le 5 novembre 2025 si non prolongé). L'Offre d'Échange et les droits de retrait expirent à minuit, heure de l'Est, le 7 novembre 2025; les retraits du plan 401(k) Lennar se terminent à 16h00, heure de l'Est, le 3 novembre 2025. En cas de sursouscription, les offres sont généralement acceptées au prorata, les porteurs de lots impairs (< 100 actions) qui déposent toutes leurs actions étant exonérés de la proratisation. Les actions Millrose fractionnaires seront regroupées et vendues au profit des comptes des porteurs ayant offert.
Lennar Corporation hat ein Tauschangebot gestartet, um bis zu 33.298.764 Aktien von Millrose Properties Class A, die sie besitzt, gegen ausstehende Lennar Class A Stammaktien zu tauschen, die ordnungsgemäß angeboten und nicht widerrufen wurden.
Das Angebot zielt auf einen 6%igen Rabatt auf Millrose-Aktien ab, was bedeutet, dass Inhaber für jede 100 USD Lennar-Aktien, die angenommen werden, etwa 106,38 USD Millrose-Aktien basierend auf dem indicativen Verhältnis zum 10. Oktober 2025 erhalten würden, vorbehaltlich einer Höchstgrenze von 4,1367 Millrose-Aktien pro Lennar-Aktie. Wird die Obergrenze angewendet, wäre der Wert pro 100 USD Lennar-Aktien geringer als 106,38 USD.
Die Preisfestsetzung erfolgt durch den einfachen Durchschnitt der NYSE VWAP über den Averaging Period (derzeit voraussichtlicher Zeitraum 3.–5. November 2025, falls nicht verlängert). Das Exchange-Angebot und die Rücknahmerechte laufen am Mitternacht ET am 7. November 2025 ab; Ausstiege aus dem Lennar 401(k)-Plan schließen am 16:00 ET am 3. November 2025 ab. Bei Überzeichnung werden Tenders in der Regel pro rata akzeptiert, wobei Odd-Lot-Inhaber (< 100 Aktien) alle Aktien von der Pro-Rata ausgenommen werden. Faule Millrose-Fraktionaktien werden aggregiert und zum Vorteil der konten der Tendernden verkauft.
Filed by Lennar Corporation
pursuant to rule 425 under the Securities Act of 1933, as amended
Subject Company: Lennar Corporation
Commission File No.: 1-11749
The following is the text of the website that is being maintained at http://www.envisionreports.com/lennarexchange in connection with the offer by Lennar Corporation to exchange up to an aggregate of 33,298,764 shares of Class A common stock, par value $0.01, of Millrose Properties, Inc., which are owned by Lennar Corporation, for shares of Class A common stock, par value $0.10, of Lennar Corporation, as described in further detail in the Prospectus (as defined below).
Exchange Offer
Last Updated: October 14, 2025
Lennar Corporation Investor Information
On October 10, 2025, Lennar Corporation, a Delaware corporation ( Lennar ), commenced, an offer to exchange (the Exchange Offer ) up to 33,298,764 shares of Class A common stock, par value $0.01 per share ( Millrose Class A Common Stock ), of Millrose Properties Inc., a Maryland corporation ( Millrose ), for outstanding shares of Class A common stock, par value $0.10 per share ( Lennar Class A Common Stock ), of Lennar that are validly tendered and not validly withdrawn as further described in the prospectus dated October 10, 2025 (the Prospectus ).
The number of shares of Lennar Class A Common Stock that will be accepted if the Exchange Offer is completed will depend on the final exchange ratio and the number of shares of Lennar Class A Common Stock tendered.
The Exchange Offer is intended to permit you to exchange your shares of Lennar Class A Common Stock for shares of Millrose Class A Common Stock at a 6% discount to the per-share value of Millrose Class A Common Stock, calculated as set forth in the Prospectus and subject to the upper limit described below. For each $100 of Lennar Class A Common Stock accepted in the Exchange Offer, you will receive approximately $106.38 of Millrose Class A Common Stock based on the indicative ratio as of October 10, 2025, subject to an upper limit of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock. The Exchange Offer does not provide for a lower limit or minimum exchange ratio. If the upper limit is in effect, then the exchange ratio will be fixed at that limit. IF THE UPPER LIMIT IS IN EFFECT, AND UNLESS YOU PROPERLY WITHDRAW YOUR SHARES, YOU WILL RECEIVE LESS THAN $106.38 OF MILLROSE CLASS A COMMON STOCK FOR EACH $100 OF LENNAR CLASS A COMMON STOCK THAT YOU TENDER, AND YOU COULD RECEIVE MUCH LESS.
Fractional shares of Millrose Class A Common Stock will not be distributed in the Exchange Offer. Computershare Trust Company, N.A., the exchange agent, acting as agent for the tendering Lennar stockholders, will aggregate any fractional shares that would otherwise have been required to be distributed and cause them to be sold in the open market for the accounts of the stockholders.
The value of the two stocks for purposes of the preceding paragraph and the Exchange Offer will be determined by reference to the simple arithmetic average of the daily volume-weighted average prices ( VWAPs ) of Lennar Class A Common Stock (the Average Lennar Price ) and Millrose Class A Common Stock (the Average Millrose Price ) on the New York Stock Exchange ( NYSE ) during the three consecutive trading days ending on and including the second trading day immediately preceding the expiration date of the Exchange Offer (the Averaging Dates and this three-day period, the Averaging Period ), which, if the Exchange Offer is not extended or terminated, would be November 3, 4 and 5, 2025. If Lennar decides to extend the Exchange Offer, the Averaging Period will be reset to the period of three consecutive trading days ending on and including the second trading day immediately preceding such extended expiration date, as may be further extended.
Lennar will provide on this website the daily VWAPs of both Lennar Class A Common Stock and Millrose Class A Common Stock during the pendency of the Exchange Offer. Prior to the Averaging Period, commencing on the third trading day of the Exchange Offer, this website will also provide indicative exchange ratios for each day that will be calculated based on the indicative calculated per-share values of Lennar Class A Common Stock and Millrose Class A Common Stock on each day, calculated as though that day were the last day of the Averaging Period, by 4:30 p.m., New York City time. In other words, assuming that a given day is a trading day, the indicative exchange ratio will be calculated based on the simple arithmetic average of the daily VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for that day and the immediately preceding two trading days. The indicative exchange ratio will also reflect whether the upper limit would have been in effect had such day been the last day of the Averaging Period.
During the first two days of the Averaging Period, this website will provide indicative exchange ratios that will be calculated based on the Average Lennar Price and Average Millrose Price, as calculated by Lennar based on data reported by Bloomberg L.P. (or any other recognized quotation source selected by Lennar in its sole discretion if such source is not available or is manifestly erroneous). This website will not provide an indicative exchange ratio on the third day of the Averaging Period. The indicative exchange ratios will be calculated as follows: (1) on the first day of the Averaging Period, the indicative exchange ratio will be calculated based on the daily VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for that first day of the Averaging Period and (2) on the second day of the Averaging Period, the indicative
exchange ratio will be calculated based on the simple arithmetic average of the daily VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for the first and second days of the Averaging Period. During the first two days of the Averaging Period, the indicative exchange ratios will be updated on this website each day by 4:30 p.m., New York City time. The final exchange ratio, including whether the upper limit on the number of shares of Millrose Class A Common Stock that can be received for each share of Lennar Class A Common Stock validly tendered is in effect, will be announced by press release and be available on this website by 9:00 a.m., New York City time, on the trading day immediately preceding the expiration date of the Exchange Offer (which expiration date, if the Exchange Offer is not extended or terminated, would be November 7, 2025).
The Exchange Offer and withdrawal rights will expire at 12:00 midnight, New York City time, on November 7, 2025, unless the Exchange Offer is extended or terminated, except with respect to shares of Lennar Class A Common Stock held through the Lennar Corporation 401(k) Plan (the Lennar 401(k) Plan ), which cannot be withdrawn after 4:00 p.m., New York City time, on November 3, 2025 (unless extended). If the Exchange Offer is extended, and if administratively feasible, the deadline for receipt of instructions to withdraw or change your previously submitted instructions with respect to shares held through the Lennar 401(k) Plan may also be extended.
If the Exchange Offer is oversubscribed and Lennar cannot accept all tenders of Lennar Class A Common Stock at the exchange ratio, then all shares of Lennar Class A Common Stock that are validly tendered will generally be accepted for exchange on a pro rata basis in proportion to the number of shares validly tendered, which is referred to as proration. Stockholders who beneficially own odd-lots (less than 100 shares) of Lennar Class A Common Stock and who validly tender all of their shares will not be subject to proration.
If the Exchange Offer is consummated but less than all shares of Millrose Class A Common Stock offered by Lennar in the Exchange Offer are exchanged because the Exchange Offer is not fully subscribed, Lennar intends to dispose of the shares of Millrose Class A Common Stock that were offered but not exchanged through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions (the Clean-Up Disposition ). Because the Clean-Up Disposition, if any, will occur following the completion of the Exchange Offer, if the Clean-Up Disposition involves a distribution or offer to Lennar stockholders, holders of shares of Lennar Class A Common Stock validly tendered and accepted and exchanged in the Exchange Offer will not be able to participate in the Clean-Up Disposition (unless they own shares of Lennar Class A Common Stock that were not tendered and accepted for exchange in the Exchange Offer as of the relevant record date).
The Exchange Offer is voluntary for Lennar Class A stockholders. No action is necessary for Lennar Class A stockholders who choose not to participate. No offer is being made to holders of Lennar Class B common stock and such holders are not eligible to participate in the Exchange Offer.
The completion of the Exchange Offer is subject to certain conditions as specified in the Prospectus. Lennar may waive any or all of the conditions to the Exchange Offer, subject to limited exceptions.
The information on this website is being provided solely in connection with the Exchange Offer and should not be used for any other purpose. You should refer to the Prospectus for additional information about the Exchange Offer. A copy of the Prospectus, forms of a Letter of Transmittal, Notice of Guaranteed Delivery and Notice of Withdrawal, the Instruction Booklet to the Letter of Transmittal and the Lennar press release announcing the Exchange Offer are available through the links below.
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| Date: |
10/14/2025 |
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| Lennar Class A Common Stock Daily VWAP: |
$ 121.6221 |
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| Millrose Class A Common Stock Daily VWAP: |
$ 31.5138 |
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| Indicative Exchange Ratio: |
#N/A |
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| Upper Limit: |
4.1367 |
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| Upper Limit in Effect: |
N/A |
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Table of Historical Indicative Calculated Per-Share Values
The table below shows VWAPs and historical indicative calculated per-share values on a given day for shares of Lennar Class A Common Stock and shares of Millrose Class A Common Stock, and the corresponding indicative exchange ratio, commencing on the third trading day of the Exchange Offer period, calculated as though that day were the last day of the Averaging Period. On each day prior to the Averaging Period, the information in the table will be updated by 4:30 p.m., New York City time, except that no indicative calculated per-share values or indicative exchange ratios will be provided for the first two trading days of the Exchange Offer period, as such values require daily VWAP data for three trading days.
During the first two days of the Averaging Period, this website will provide indicative exchange ratios that will be calculated based on the Average Lennar Price and Average Millrose Price, as calculated by Lennar based on data reported by Bloomberg L.P. (or any other recognized quotation source selected by Lennar in its sole discretion if such source is not available or is manifestly erroneous). This website will not provide an indicative exchange ratio on the third day of the Averaging Period. The indicative exchange ratios will be calculated as follows: (1) on the first day of the Averaging Period, the indicative exchange ratio will be calculated based on the daily VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for that first day of the Averaging Period and (2) on the second day of the Averaging Period, the indicative exchange ratio will be calculated based on the simple arithmetic average of the daily VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for the first and second day of the Averaging Period. During the first two days of the Averaging Period, the indicative exchange ratios will be updated on this website each day by 4:30 p.m., New York City time. The final exchange ratio, including whether the upper limit on the number of shares that can be received for each share of Lennar Class A Common Stock validly tendered is in effect, will be announced by press release and be available on this website by 9:00 a.m., New York City time, on the trading day immediately preceding the expiration date of the Exchange Offer (which expiration date, if the Exchange Offer is not extended or terminated, would be November 7, 2025).
Prior to and during the Averaging Period, the data based on which the daily VWAP is determined will only take into account adjustments made to reported trades included by 4:10 p.m., New York City time.
| Lennar Class A Common Stock |
Millrose Class A
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Exchange Ratio | ||||||||||||||||||||||||
| Day | Date | Daily VWAP |
Indicative Calculated Per-Share Value |
Daily VWAP |
Indicative Calculated Per-Share Value |
Indicative Exchange Ratio - Shares of Millrose Class A Common Stock to be Exchanged Per Share of Lennar Class A Common Stock Tendered and Accepted (1) |
Exchange Ratio Upper Limit in Effect? |
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1 |
October 10, 2025 | $119.2876 | N/A * | $30.9701 | N/A * | N/A | N/A | |||||||||||||||||||
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2 |
October 14, 2025 | $121.6221 | N/A * | $31.5138 | N/A * | N/A | N/A | |||||||||||||||||||
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(1) Subject to proration. See the section in the Prospectus titled The Exchange Offer Terms of the Exchange Offer Proration; Odd-Lots .
*No indicative calculated per-share values or indicative exchange ratios are provided for the first two trading days of the Exchange Offer period as such values require daily VWAP data for three trading days.
Source: Bloomberg Finance L.P.
Other Related Information
The information agent for the Exchange Offer is:
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51 West 52nd Street, 6th Floor
New York, NY 10019
(888) 624-7035 (toll-free for all shareholders in the United States)
(218) 209-2908 (all others outside of the United States)
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Forward-Looking Statements
This communication contains certain statements about Lennar and Millrose that are forward-looking statements. Forward-looking statements are based on current expectations and assumptions regarding Lennar s and Millrose s respective businesses, the economy and other future conditions. In addition, the forward-looking statements contained in this communication may include statements about the expected effects on Lennar and Millrose of the Exchange Offer, the anticipated timing and benefits of the Exchange Offer, Lennar s and Millrose s anticipated financial results, and all other statements in this communication that are not historical facts.
Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and are detailed more fully in Lennar s and Millrose s respective periodic reports filed from time to time with the Securities and Exchange Commission (the SEC ), the Registration Statement, including the Prospectus forming a part thereof, the Schedule TO and other Exchange Offer documents filed by Lennar or Millrose, as applicable, with the SEC. Such uncertainties, risks and changes in circumstances could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements included herein are made as of the date they are made, and neither Lennar nor Millrose undertakes any obligation to update publicly such statements to reflect subsequent events or circumstances, except to the extent required by applicable securities laws. Investors should not put undue reliance on forward-looking statements.
Important Notices and Additional Information
This communication is for informational purposes only and is not an offer to sell or exchange, a solicitation of an offer to buy or exchange any securities or a recommendation as to whether investors should participate in the Exchange Offer. Millrose has filed with the SEC a registration statement on Form S-4 that includes the Prospectus and Lennar has filed with the SEC a Schedule TO, which more fully describes the terms and conditions of the Exchange Offer. The Exchange Offer will be made solely by the Prospectus. The Prospectus contains important information about the Exchange Offer, Lennar, Millrose and related matters, and Lennar will deliver the Prospectus to holders of Lennar Class A Common Stock. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BEFORE MAKING ANY INVESTMENT DECISION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. None of Lennar, Millrose or any of their respective directors or officers or the dealer managers appointed with respect to the Exchange Offer makes any recommendation as to whether you should participate in the Exchange Offer.
Holders of Lennar Class A Common Stock may obtain copies of the Prospectus, other related documents, and any other information that Lennar and Millrose file electronically with the SEC free of charge at the SEC s website at http://www.sec.gov. Holders of Lennar Class A Common Stock will also be able to obtain copies of the Prospectus and certain related documents by clicking on the appropriate links under Other Related Information above. Alternatively, Georgeson LLC, the information agent for the Exchange Offer, will, upon request, arrange to send the Prospectus to holders of Lennar Class A Common Stock who call (888) 624-7035 (toll-free for stockholders, banks and brokers) or (218) 209-2908 (all others outside the United States).
FAQ
What is Lennar (LEN) offering in this exchange?
What is the discount and indicative value in the LEN exchange offer?
What is the upper limit in Lennar’s exchange ratio?
When does the LEN exchange offer expire?
How is pricing determined for the LEN exchange?
What happens if the LEN exchange offer is oversubscribed?
Will I receive fractional Millrose shares in the LEN exchange?
