Company: LEN
Filing Date: 2025-10-10
Form Type: 425
Source: 0001193125-25-236399
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-10
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 Launches Exchange Offer of Millrose Stock for Lennar Stock

MIAMI, Oct. 10, 2025 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”), one of the nation’s leading
homebuilders, announced today its 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 February 2025, Lennar completed the spin-off of Millrose through a distribution of approximately 80% of Millrose’s stock to Lennar stockholders.

The Exchange Offer begins immediately and will expire on November 7, 2025, unless extended or terminated. The Exchange Offer enables Lennar stockholders
to exchange shares of Lennar Class A common stock for shares of Millrose Class A common stock at a 6% discount, subject to an upper limit of 4.1367 shares of Millrose Class A common stock per share of Lennar Class A common stock
tendered and accepted in the Exchange Offer.

Lennar will determine the ratio at which shares of Lennar Class A common stock and shares of Millrose
Class A common stock will be exchanged by reference to the arithmetic average of the daily volume-weighted average prices of shares of Lennar Class A common stock and Millrose Class A common stock on the NYSE during the three
consecutive trading days ending on and including the second trading day preceding the expiration date of the Exchange Offer, which are expected to be November 3, November 4 and November 5, 2025, if the Exchange Offer is not extended
or terminated. The final exchange ratio, reflecting the number of shares of Millrose Class A common stock that tendering stockholders will receive for each share of Lennar Class A common stock accepted in the Exchange Offer, will be
announced by press release by 9:00 a.m., New York City time, on the trading day immediately preceding the expiration date of the Exchange Offer (which expiration date, if the Exchange Offer is not extended or terminated, will be November 7,