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Lennar Corporation has announced a final exchange ratio of 4.1367 for its offer to exchange up to 33,298,764 shares of Millrose Properties, Inc. Class A stock for outstanding shares of Lennar Class A common stock. For each share of Lennar Class A common stock accepted, the tendering stockholders will receive 4.1367 shares of Millrose Class A common stock. The exchange offer is subject to proration if oversubscribed, with Lennar able to accept up to approximately 8,049,596 shares of Lennar Class A common stock if the offer is fully subscribed.
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