• Filing date: 10 Oct 2025
• Price at time of publishing: $127.35
• Indicative exchange value (based on current price): $135.48
• Indicative maximum profit (based on current price): $804.68
• Expiration date: 07 Nov 2025
• Filing: Link

Unusual offer structure. Holders of Lennar (LEN) shares will be able to exchange their holdings for Millrose (MRP) shares at a 6% discount to equivalent value, resulting in an approximately 6.4% return on the exchange. If oversubscribed participants will be pro rated, but there is an odd lot provision so holders of 99 shares or fewer of Lennar will not be pro rated. Indicative figures above are results if offer were to close with the current closing price of Lennar, actual results will vary depending on prices at offer expiry.

A couple of risks to flag:

• Exchange ratio of LEN to MRP shares will be based on the average prices of the shares in the three trading days preceding offer expiry. The earlier shares of LEN are bought before then the larger the risk that prices move against the position before expiry, potentially resulting in a lower value of MRP shares being received than the amount paid for the LEN shares at purchase date. Note shares of LEN will have to be purchased in time to settle the share purchase and meet brokers' participation deadlines to participate in the offer.
• The exchange ratio is capped at 4.1367 shares of Millrose for each share of Lennar tendered, meaning if Lennar is trading at more than 4.1367x the price of Millrose at the expiry date the return on the offer will fall, possibly significantly enough for participation to be loss making. Ratio of current closing prices is 3.88. We will post an update closer to expiry on our X.