WASHINGTON (dpa-AFX) - Lennar Corp. (LEN), Friday announced its offer to exchange about 20 percent of its shares in Millrose Properties, Inc. for outstanding shares of the company's Class A common stock.
The exchange offer will enable its stockholders to exchange shares of Lennar Class A common stock for shares of Millrose Class A common stock at a 6 percent 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.
If the offer goes through but not all shares are exchanged, the company plans to sell the remaining shares of Millrose Class A common stock through another methods.
Meanwhile, if Lennar shareholders offer more shares than the company owns, then it would accept only a pro-rata portion of the shares that are tendered by each Lennar stockholder.
The offer will expire on November 7, 2025.
In the pre-market hours, LEN is climbing 3.08 percent, to $121 on the New York Stock Exchange.
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