K&B; wants to issue a new class of stock.
The Los Angeles-based home-building firm said such a move would make it less vulnerable to takeover because it would give majority control to the company’s largest shareholders. About 34% of Kaufman & Broad’s common stock is now owned by Chairman Eli Broad and the estate of co-founder Donald Kaufman. If approved, shareholders would be able to swap their Class A shares for the new, non-transferable Class B stock on a one-to-one basis. Each Class B share would have 10 votes per share.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.