Lennar Announces Exchange Offer Of Millrose Properties Stock, Stock Climbs In Pre-Market

(RTTNews) - 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.