Care Enterprises said Wednesday its shareholders approved...

Care Enterprises said Wednesday its shareholders approved the creation of a new class of common stock as an anti-takeover device.

Existing common shares will be reclassified as Class B common stock, and a new class of common stock, to be known as Class A common stock, will be established.

Although no takeover is expected at this time, the action will allow the Laguna Hills nursing home operator to raise money in any future stock offerings, while diluting current management’s ownership interest at a much slower rate, said Derwin L. Williams, senior vice president of finance.

The Class A stock will have one-tenth the voting power of Class B stock, but will receive 10 cents a share annually before any dividends are paid to Class B shareholders. Shareholders of record as of Sept. 5 will receive a dividend of one-half share of Class A common stock for each share of outstanding Class B stock. Existing class B stock can also be converted to class A at the discretion of the stockholder, said Williams.

Williams said that brothers Lee R. Bangerter, Dee R. Bangerter, and Ted D. Nelson, who together own about 65% of the company’s stock, did not plan to convert their shares.

Also announced was the appointment of Ralph E. Hazelbaker to the board of directors. Hazelbaker is chairman of the board and president of First Ohio Investment Group Inc. and Americare Corp., two companies acquired by Care earlier this year.