Company: LEN
Filing Date: 2025-11-24
Form Type: 425
Source: 0001193125-25-293645
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-11-24
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 Preliminary Results of Exchange Offer MIAMI, Nov. 24, 2025 /PRNewswire/—Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”) announced today that, based on preliminary results, its previously announced offer to exchange up to 33,298,764 shares of Millrose Properties, Inc. (NYSE: MRP) (“Millrose”) Class A stock it owns (approximately 20% of the total outstanding Millrose stock) for outstanding shares of Lennar Class A common stock (the “Exchange Offer”) was oversubscribed. The Exchange Offer expired at 12:00 midnight, New York City time, on November 21, 2025 (the “Expiration Date”). However, Lennar stockholders who provided a notice of guaranteed delivery have until 5:00 p.m. on November 25, 2025 to complete the guaranteed delivery procedures. Under the terms of the Exchange Offer, for each share of Lennar Class A common stock that was validly tendered and not validly withdrawn by Lennar stockholders and that was accepted by Lennar pursuant to the terms of the Exchange Offer, the tendering stockholders will receive 4.1367 shares of Millrose Class A common stock (the “Final Exchange Ratio”). According to the exchange agent for the Exchange Offer, Computershare Trust Company, N.A., 91,972,752 shares of Lennar Class A common stock were validly tendered and not validly withdrawn, including 31,341,148 shares that were tendered by notice of guaranteed delivery. Based on the Final Exchange Ratio, Lennar intends to accept 8,049,596 of the tendered shares in exchange for the 33,298,764 shares of Millrose Class A common stock offered by Lennar in the Exchange Offer. Because the Exchange Offer was oversubscribed, Lennar is accepting only a portion of the shares of Lennar Class A common stock that were validly tendered and not validly withdrawn, on a pro rata basis in proportion to the number of shares tendered. Stockholders who owned fewer than 100 shares of Lennar Class A common stock, or an “odd-lot,”who have validly