Lennar's exchange offer with Millrose Properties is oversubscribed

Lennar's (LEN) previously announced offer to exchange up to ~33.3M shares of Milrose Properties (MRP) class A stock it owns for outstanding shares of Lennat class A common stock was oversubscribed, it said on Monday, based on preliminary results.

The exchange offer expired on Nov. 21, 2025. Meanwhile, Lennar (LEN) stockholders who provided a notice of guaranteed delivery have until 5:00 p.m. on Nov. 25, 2025, to complete the delivery procedures.

According to the exchange agent of the exchange offer, Computershare Trust Company, some 91.8M shares of Lennar (LEN) class A shares were validly tendered and not validly withdrawn, including ~31.3M shares that were tendered by notice of guaranteed delivery. 

Based on the final exchange ration, Lennar (LEN) plans to accept ~8.05M of the tendered shares in exchange for the ~33.3M shares of Milrose (MRP) class A shares offered by Lennar in the exchange offer.

About 7.97% of the tendered shares of Lennar (LEN) class A stock will be exchanged, assuming all shares tendered by guaranteed delivery procedures are delivered under the terms of the exchange offer -- based on the total number of shares of Lennar class A stock reported to be tendered prior to the expiration date. "odd-lot" shares tendered that were not subject to proration totaled ~778.8K.

Lennar (LEN) said it expects to announce the final proration factor promptly after the expiration of the guaranteed delivery period.