Lennar Corp. (LEN), Friday announced its offer to exchange about 20 percent of its shares in Millrose Properties, Inc. for outstanding shares of the company's Class A common stock.
The exchange offer will enable its stockholders to exchange shares of Lennar Class A common stock for shares of Millrose Class A common stock at a 6 percent 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.
If the offer goes through but not all shares are exchanged, the company plans to sell the remaining shares of Millrose Class A common stock through another methods.
Meanwhile, if Lennar shareholders offer more shares than the company owns, then it would accept only a pro-rata portion of the shares that are tendered by each Lennar stockholder.
The offer will expire on November 7, 2025.
In the pre-market hours, LEN is climbing 3.08 percent, to $121 on the New York Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.