Lennar extends exchange offer deadline due to government shutdown

Lennar Corporation (NYSE: LEN) announced it is extending the expiration date of its exchange offer for Millrose Properties, Inc. (NYSE: MRP) shares due to the ongoing U.S. federal government shutdown.

The exchange offer, originally scheduled to expire at midnight on November 7, 2025, will now expire at midnight on November 14, 2025. Lennar owns approximately 20% of Millrose's outstanding shares and is offering to exchange them for Lennar Class A common stock.

The extension stems from the Securities and Exchange Commission's inability to declare the registration statement effective during the government shutdown. The SEC must approve the Form S-4 registration statement filed by Millrose before the exchange offer can be completed.

If the SEC does not declare the registration statement effective by the new expiration date, Lennar will either further extend the exchange offer or terminate it without accepting tendered shares. The company stated it will announce by 11:59 p.m. on November 7, 2025, whether it will extend the offer further or terminate it if the shutdown continues.

All other terms and conditions of the exchange offer remain unchanged. Lennar reserves the right to terminate, withdraw, amend or further extend the offer at any time.

The Miami-based homebuilder had previously disclosed the potential for this extension in its October 10, 2025 press release and in the registration statement. Lennar, founded in 1954, builds homes under its brand name and operates financial services and multifamily segments.

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