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.
