Lennar Subsidiary Makes SEC Filing Regarding Planned Spin-Off
Lennar (NYSE: LEN) announced that its newly formed subsidiary, Millrose Properties, has filed an SEC registration statement for a planned spin-off. The transaction will involve Lennar contributing land and cash to Millrose, followed by distributing Millrose's stock to Lennar's stockholders. The spin-off remains subject to final approval from Lennar's Board of Directors and other customary conditions. The preliminary prospectus containing detailed information about the spin-off is available through the SEC's EDGAR system and Millrose's website.
Lennar (NYSE: LEN) ha annunciato che la sua nuova controllata, Millrose Properties, ha presentato una dichiarazione di registrazione alla SEC per una prevista scissione. La transazione prevede che Lennar contribuisca con terreni e denaro a Millrose, seguita dalla distribuzione delle azioni di Millrose agli azionisti di Lennar. La scissione è soggetta all'approvazione finale da parte del Consiglio di Amministrazione di Lennar e ad altre condizioni di consueto rispetto. Il prospetto preliminare contenente informazioni dettagliate sulla scissione è disponibile tramite il sistema EDGAR della SEC e il sito web di Millrose.
Lennar (NYSE: LEN) anunció que su nueva subsidiaria, Millrose Properties, ha presentado una declaración de registro ante la SEC para una escisión planeada. La transacción implicará que Lennar contribuya con terrenos y efectivo a Millrose, seguido de la distribución de las acciones de Millrose a los accionistas de Lennar. La escisión está sujeta a la aprobación final de la Junta Directiva de Lennar y a otras condiciones habituales. El prospecto preliminar que contiene información detallada sobre la escisión está disponible a través del sistema EDGAR de la SEC y el sitio web de Millrose.
레나르(Lennar) (NYSE: LEN)은 새로 설립된 자회사인 밀로즈 프로퍼티즈(Millrose Properties)가 계획된 분사를 위해 SEC 등록 성명을 제출했다고 발표했습니다. 이 거래는 레나르가 밀로즈에 토지와 현금을 기부한 후, 밀로즈의 주식을 레나르의 주주들에게 분배하는 과정을 포함합니다. 분사는 레나르 이사회의 최종 승인을 포함하여 기타 일반적인 조건이 필요합니다. 분사에 대한 자세한 정보가 포함된 예비 설명서는 SEC의 EDGAR 시스템과 밀로즈의 웹사이트에서 확인할 수 있습니다.
Lennar (NYSE: LEN) a annoncé que sa nouvelle filiale, Millrose Properties, a déposé une déclaration d'enregistrement auprès de la SEC pour une scission prévue. La transaction impliquera que Lennar contribue des terrains et des liquidités à Millrose, suivie de la distribution des actions de Millrose aux actionnaires de Lennar. La scission est soumise à l'approbation finale du conseil d'administration de Lennar et à d'autres conditions habituelles. Le prospectus préliminaire contenant des informations détaillées sur la scission est disponible via le système EDGAR de la SEC et le site Web de Millrose.
Lennar (NYSE: LEN) gab bekannt, dass seine neu gegründete Tochtergesellschaft, Millrose Properties, eine SEC-Registrierungserklärung für eine geplante Abspaltung eingereicht hat. Die Transaktion umfasst die Bereitstellung von Grundstücken und Bargeld von Lennar an Millrose, gefolgt von der Verteilung der Millrose-Aktien an die Aktionäre von Lennar. Die Abspaltung steht unter dem Vorbehalt der endgültigen Genehmigung durch den Vorstand von Lennar und anderer üblicher Bedingungen. Der vorläufige Prospekt mit detaillierten Informationen zur Abspaltung ist über das EDGAR-System der SEC und die Website von Millrose verfügbar.
- Creation of potential shareholder value through spin-off distribution
- Strategic separation of land assets into new entity
- Shareholders to receive new stock allocation through distribution
- Spin-off still subject to board approval and conditions
- Potential uncertainty regarding final structure and terms of spin-off
- Possible dilution of Lennar's land asset base post-spin-off
Insights
Detailed information about Millrose and the planned Spin-Off is contained in the preliminary prospectus contained in the registration statement which has not been declared effective. Future updates to the Form S-11 will be filed with the SEC and be available through the SEC's EDGAR system at www.SEC.gov under Millrose Properties, Inc. The registration statement and any future updates can also be obtained through Millrose's website at www.millroseproperties.com. Millrose's website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. Alternatively, Millrose will arrange to send you, free of charge, the registration statement if you request it by contacting Millrose Properties, Inc. at 600 Brickell Avenue, Suite 1400,
About Millrose
After the planned Spin-Off, Millrose will become an independent, publicly traded company that will engage, through its subsidiaries, in land purchases, horizontal development and homesite option purchase arrangements, for Lennar, certain entities with which Lennar has a business relationship or in which Lennar has an ownership interest, and potentially other homebuilders and developers.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the
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A registration statement relating to the Millrose securities has been filed with the Securities and Exchange Commission but has not yet become effective. Those securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Cautionary statement regarding forward-looking statements
This press release contains forward-looking statements, including, in particular, statements about the successful completion of the Spin-Off and Millrose's business, plans, strategies and objectives following the Spin-Off. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "can," "shall," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words or the negatives thereof. Assumptions relating to these statements involve judgments with respect to, among other things, competitive and market conditions, future business decisions and Millrose's relationships with customers, all of which are difficult or impossible to accurately predict and many of which are beyond our control. There can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
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SOURCE Lennar Corporation
FAQ
What assets will Lennar transfer to Millrose Properties in the spin-off?
How will Lennar (LEN) shareholders benefit from the Millrose Properties spin-off?
What regulatory approvals are needed for the Lennar-Millrose spin-off?
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