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.
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