Elkhorn Partners LP said it plans to nominate Jon Hoffmaster, Sean Mullen and Alan Parsow for election as directors on Equitable Financial Corp.'s board.
Elkorn, which owns an approximately 9.8% stake in Equitable Financial, also said that Equitable Financial is a strong acquisition candidate, and that the prior actions of the Equitable board will likely "keep the trading price of the [Equitable Financial] common stock suppressed."
The stakeholder further said that the board needs new members willing to consider acquisition proposals that would deliver value to Equitable Financial's shareholders.
Elkhorn Partners had previously said it was contacted by a party interested in acquiring Equitable Financial. Elkhorn had previously planned to nominate Wayne Cadwallader for election as a director on Equitable Financial's board.
The next annual meeting of Equitable Financial's shareholders is expected to start Nov. 27.