Company: LEN
Filing Date: 2025-10-31
Form Type: 425
Source: 0001193125-25-260885
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-31
Form: 425
Chunk 0
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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

Lennar Announces Extension of Expiration Date of Exchange Offer

MIAMI, Oct. 31, 2025 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”) announced today that as a result of
the ongoing U.S. federal government shutdown, it is extending the expiration date for its previously announced offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties, Inc. (NYSE: MRP)
(“Millrose”) for outstanding shares of Lennar Class A common stock (the “Exchange Offer”). The Exchange Offer, which had been scheduled to expire at 12:00 midnight, New York City time, on November 7, 2025, will now
expire at 12:00 midnight, New York City time, on November 14, 2025 (the “Expiration Date”).

The revision to the timeline has arisen
because the Exchange Offer cannot be completed until the registration statement on Form S-4 filed by Millrose with the Securities and Exchange Commission (“SEC”) in connection with the Exchange
Offer (the “Registration Statement”) becomes effective, and during the current U.S. federal government shutdown the SEC is not declaring Registration Statements effective. The potential for this extension was included
in Lennar’s press release published on October 10, 2025 and the Registration Statement.

If the SEC does not declare the Registration
Statement effective by the Expiration Date, Lennar will have to further extend the Exchange Offer or terminate it without accepting tendered shares.

If
the shutdown is still in effect on November 7, 2025, Lennar will announce by 11:59 pm on November 7, 2025 whether it will (1) further extend the Exchange Offer and, if so, the further extended expiration date, or (2) terminate
the Exchange Offer.

All other terms, provisions and conditions of the Exchange Offer will remain in full force and effect. Lennar reserves the right to
terminate, withdraw, amend or further extend the Exchange Offer at any time.

About Lennar

Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lenn