GAMCO Investors said Monday it sent a letter to Lennar's (LEN) board urging the company to include Class B shareholders in its proposed exchange offer of Millrose Properties stock for Lennar Class A shares.

GAMCO, which owns about 1.7 million Lennar Class B shares, or 5.5% of the outstanding Class B stock, said excluding those shares from the deal overlooks their equal economic rights and superior voting rights compared with Class A shares.

The firm proposed either including Class B shares directly in the offer or allowing holders to convert them to Class A shares to participate.

Lennar did not immediately respond to MT Newswires' request for comment on the matter.

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