WASHINGTON (dpa-AFX) - Lennar Corp. (LEN) on Wednesday announced that its subsidiary, Millrose Properties, Inc., has filed with the Securities and Exchange Commission regarding a planned spin-off.
The home builder added that the spin-off consists of a contribution by Lennar to Millrose of land and cash and a distribution of Millrose's stock to Lennar's stockholders.
If the spin-off goes as planned, Millrose will become an independent, publicly traded company engaging in land purchases, horizontal development and homesite option purchase arrangements.
Currently, Lennar's stock is trading at $152.32, up 0.56 percent on the New York Stock Exchange.
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