Company: LEN
Filing Date: 2025-10-14
Form Type: 425
Source: 0001193125-25-237365
Chunk: 1

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-14
Form: 425
Chunk 1
---
 Class A Common Stock. The Exchange Offer does not provide Of’ a lower or minimum exchange ratio. If the upper limit is in effect, then the exchange ratio will be fixed at that limit IF THE UPPER LIMIT IS IN EFFECT, AND UNLESS YOU PROPERLY WITHDRAW YOUR SHARES, YOU WILL RECEIVE LESS THAN $106.38 OF MILLROSE CLASS A COMMON STOCK FOR EACH $100 OF LENNAR CLASS A COMMON STOCK THAT YOU TENDER, AND YOU COULD RECEIVE MUCH LESS. Fractional shares of Mill rose Class A Common Stock will not be distributed In the Exchange Offer. Computershare Trust Company, N.A, the exchange agent, acting as agent for the tendering Lennar stock holders, will aggregate any fractional shares that would otherwise have been required to be distributed and cause them to be sold in the open market of’ the accounts of the stockholders. The value of the two stocks for purposes of the preceding paragraph and the Exchange Offer will be determined by reference to the simple arithmetic average of the daily volume-weighted average prices (‘VWAPs”) of Lennar Class A Common Stock (the “Average Lennar Price) and Millrose Class A Common Stock (the Average Millrose Price”) on the New Yoke Stock Exchange (“NYSE”) during the three consecutive trading days ending on and including the second trading day Immediately preceding the expiration date of the Exchange Offer (the “Averaging Dates “ and this three-day period, the “Averaging Period), which, if the Exchange Offer is not extended or terminated, would be November 3, 4 and 5, 2025. If Lennar dudes to extend the Exchange Offer, the Averaging Period will be reset to the period of three consecutive trading days ending on and Including the second trading day immediately preceding such extended expiration date, as may be further extended. Lenrar will provide on this website the dally VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock during the pendency of the Exchange Offer. Prior to the Averaging Period, commencing on the third trading day of the Exchange Offer, this website will also Provide indicative exchange ratios for each day that will be calculated based on the indicative calculated per-share values of Lennar Class A Common Stock and Millrose Class A Common Stock on each day, calculated as though that day were the last day of the Averaging Period, by 4:30p.m., New YOO; City time. In other