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MIAMI-Lennar Corp., a national homebuilder, and LNR Property Corp. a national real estate investment, finance and management company, both publicly traded companies based here are closer to their acquisition of The Newhall Land and Farming Co. of California.

Newhall Land has filed a preliminary proxy statement with the Securities and Exchange Commission regarding a meeting of Newhall Land’s unitholders to vote on the Lennar/LNR joint venture’s acquisition of the company.

The proxy statement describes the terms of the Agreement and Plan of Merger, signed July 21 by Lennar, LNR and Newhall Land. The proxy statement also has other information about the proposed acquisition, including details about the required regulatory approvals.

Neither LNR nor Lennar will file proxy statements for this transaction because the companies’ stockholders do not need to vote on it. The officers and directors of Newhall Land’s general partners will be sending definitive proxy statements to Newhall Land’s unitholders and will provide copies to others free of charge upon request.

The transaction is expected to close in mid-2004.

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