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Emclaire board proposes easing M&A vote requirement

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Emclaire board proposes easing M&A vote requirement

Emclaire Financial Corp's shareholders will vote on the amendment of the company's articles of incorporation to eliminate the current supermajority voting provision in the event of a merger or similar transaction in certain circumstances.

Holders of at least 80% of Emclaire's outstanding common shares can currently approve a merger or similar transaction, which is "a very high and difficult threshold to achieve," according to the preliminary proxy statement. The proposed amendment would reduce the 80% vote requirement to two-thirds.

The annual meeting of the Emlenton, Pa.-based company's shareholders will be held April 25.