Lennar (LEN) said Monday that its offer to exchange up to roughly 33.3 million shares of Millrose Properties (MRP) Class A stock for its own Class A shares was oversubscribed, based on preliminary results.

Each validly tendered and accepted Lennar share will receive 4.1367 Millrose shares, the company said, adding that a total of about 92 million its shares were tendered, including about 31.3 million via guaranteed delivery.

Lennar said it plans to accept about 8 million of these shares in exchange for about 33.3 million Millrose shares on a pro rata basis, except for 'odd-lot' stockholders.

The company said the exchange offer has expired, but stockholders who submitted a notice of guaranteed delivery have until Tuesday to complete the process.

Shares not accepted will be returned, it added.