Lennar extended the expiration date of its exchange offer for its remaining 20% stake in Millrose Properties to midnight on November 14, 2025, from the original deadline of November 7, 2025.
The extension was prompted by the federal government shutdown, which delayed the Securities and Exchange Commission’s declaration of the registration statement as effective. Lennar stated that if the SEC does not declare the registration statement effective by the new deadline, it may further extend the offer or terminate it without accepting tendered shares.
The terms of the offer remain unchanged: Lennar shareholders can exchange Lennar Class A shares for Millrose Class A shares at a 6% discount, subject to an upper limit. The extension does not alter the exchange ratio or any other provisions.
The delay could postpone the conversion of Millrose shares into Lennar shares, potentially affecting Lennar’s share count and ownership structure once the offer is completed. Lennar’s Q3 2025 earnings showed a decline in net earnings and gross margins, underscoring the importance of managing its remaining stake in Millrose.
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