This announcement contains forward-looking statements regarding the spin-off and Millrose's future operations. These statements are based on current expectations and involve risks and uncertainties, which may result in actual outcomes differing materially from those expressed or implied. While analysts maintain a moderate outlook with price targets ranging from $130 to $200, the completion of the spin-off is subject to various conditions and may not occur as anticipated or at all. InvestingPro subscribers can access detailed analysis of Lennar 's growth prospects, including revenue forecasts and comprehensive financial health metrics.
On February 7, 2025, Lennar stockholders holding Class A or Class B common stock at the close of business today will be entitled to one share of Millrose Class A common stock for every two shares owned. Trades settling after today or shares not held as of the record date will not qualify for the distribution. Stockholders have the option to elect to receive Millrose Class B common stock instead of Class A for any portion of their entitled shares. This election period begins today and concludes at 5:00 p.m. New York City time on February 3, 2025.
Election materials and instructions will be distributed to stockholders through Lennar's transfer agent or via their brokerage firms. Electronic submission of a completed election form is mandatory, with no mail-in option available. Those who do not submit a valid election by the deadline will automatically receive Millrose Class A common stock.
For comprehensive details about Millrose and the spin-off, stockholders are directed to review the Form S-11 registration statement filed with the SEC and declared effective on January 17, 2025, along with the related prospectus. These documents are accessible on the SEC's website or Millrose's website, although the latter's content is not incorporated by reference into this press release.
This announcement contains forward-looking statements regarding the spin-off and Millrose's future operations. These statements are based on current expectations and involve risks and uncertainties, which may result in actual outcomes differing materially from those expressed or implied. While analysts maintain a moderate outlook with price targets ranging from $130 to $200, the completion of the spin-off is subject to various conditions and may not occur as anticipated or at all. InvestingPro subscribers can access detailed analysis of Lennar's growth prospects, including revenue forecasts and comprehensive financial health metrics.
This announcement contains forward-looking statements regarding the spin-off and Millrose's future operations. These statements are based on current expectations and involve risks and uncertainties, which may result in actual outcomes differing materially from those expressed or implied. While analysts maintain a moderate outlook with price targets ranging from $130 to $200, the completion of the spin-off is subject to various conditions and may not occur as anticipated or at all. InvestingPro subscribers can access detailed analysis of Lennar's growth prospects, including revenue forecasts and comprehensive financial health metrics.
This news article is based on a press release statement from Lennar Corporation (NYSE:LEN).
In other recent news, Lennar Corporation has been experiencing a series of significant developments. The company recently announced that Sidney Lapidus, a long-standing member of its Board of Directors, will not seek re-election at the upcoming 2025 Annual Meeting of Stockholders, reducing the board size from eleven to ten members. This decision aligns with the company's governance practices and follows the natural expiration of Mr. Lapidus' term.
In the analyst world, Lennar's stock rating has seen both upgrades and downgrades. RBC Capital Markets upgraded the company's stock from 'Underperform' to 'Sector Perform', maintaining a price target of $130.00. However, Wolfe Research downgraded the company's stock from 'Outperform' to 'Peer Perform', citing a projected sharp gross margin decline in 2025.
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