Company: LEN
Filing Date: 2025-11-10
Form Type: 425
Source: 0001193125-25-272744
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-11-10
Form: 425
Chunk 0
---
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 Further Extension of Expiration Date of Exchange Offer

MIAMI, Nov. 7, 2025 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”) announced today that in view of the continuation of
the government shutdown, during which the Securities and Exchange Commission (“SEC”) will not declare registration statements effective, Lennar is further 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”). In anticipation that the
shutdown may end shortly, the Exchange Offer, which had been scheduled to expire at 12:00 midnight, New York City time, on November 14, 2025, is being extended to expire at 12:00 midnight, New York City time, on November 21, 2025 (the
“Expiration Date”).

The Exchange Offer cannot be completed until the registration statement on Form
S-4 filed by Millrose with the SEC in connection with the Exchange Offer (the “Registration Statement”) is declared effective, and during the current U.S. federal government shutdown the SEC is not
declaring registration statements effective. The potential for this additional extension was anticipated in Lennar’s press release issued on October 31, 2025 and in 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 14, 2025, Lennar will announce by 11:59 p.m. on November 14, 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 195