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MIAMI - Lennar Corporation (NYSE:LEN and LEN.B) announced Friday it is extending the expiration date for its exchange offer of Millrose Properties, Inc. (NYSE:MRP) shares due to the ongoing U.S. federal government shutdown. The homebuilder, currently trading at $123.78, has maintained a strong financial position with a "Good" overall financial health score according to InvestingPro data.
The exchange offer, which would trade approximately 20% of Millrose's outstanding shares owned by Lennar for Lennar Class A common stock, will now expire on November 14, 2025, instead of the previously scheduled November 7 date.
Lennar cited the shutdown's impact on the Securities and Exchange Commission (SEC) operations as the reason for the extension. The exchange offer cannot be completed until the SEC declares effective the Form S-4 registration statement filed by Millrose, but the agency is not processing such declarations during the shutdown.
If the SEC does not declare the registration statement effective by the new expiration date, Lennar will need to further extend or terminate the offer without accepting tendered shares. The company stated it will announce by November 7 whether it will extend the offer again or terminate it if the shutdown continues.
All other terms and conditions of the exchange offer remain unchanged, according to the company's press release statement. Lennar reserves the right to terminate, withdraw, amend or further extend the offer.
Lennar Corporation, founded in 1954, is a major U.S. homebuilder that constructs affordable, move-up and active adult homes. The company also provides mortgage financing and title services through its Financial Services segment and develops multifamily rental properties through its Multifamily segment. With a market capitalization of $31.64 billion, Lennar has demonstrated remarkable stability by maintaining dividend payments for 48 consecutive years and is currently trading below its InvestingPro Fair Value. Investors seeking deeper insights into Lennar's financial health and growth prospects can access comprehensive Pro Research Reports available on InvestingPro, which covers 1,400+ top US equities with expert analysis and actionable intelligence.
In other recent news, Lennar Corporation has announced an exchange offer for its 20% stake in Millrose Properties, allowing stockholders to trade Lennar Class A shares for Millrose Class A shares at a 6% discount. This offer follows Lennar's earlier spin-off of Millrose and will expire on November 7, 2025. In another development, Lennar's Board of Directors declared a quarterly cash dividend of $0.50 per share for both Class A and Class B common stock, payable on October 27, 2025. Analyst firm Keefe, Bruyette & Woods reiterated a Market Perform rating on Lennar, though it reduced its earnings per share estimates for the fourth quarter of 2025 and for 2026, citing lower expected deliveries and reduced income projections.
RBC Capital raised its price target on Lennar to $106 while maintaining a Sector Perform rating, noting a shift in the company's volume strategy amid weak demand. The firm also adjusted its fourth-quarter earnings per share estimate to $2.18, aligning with Lennar's guidance. These recent developments provide insights into the company's strategic moves and financial outlook.
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