STOCKHOLDERS APPROVE STILWELL'S PROPOSAL TO SELL IF BANCORP
IF Bancorp (NASDAQ: IROQ) stockholders have approved Stilwell Activist Investments' proposal to sell the company with a 3:2 margin at the 2024 Annual Meeting. Although the proposal is non-binding, it recommends that the Board of Directors take necessary steps to promptly effectuate a company sale.
Stilwell, one of IROQ's largest stockholders, stated that if the stockholder-approved proposal doesn't lead to a prompt sale, they intend to seek board representation at IROQ's 2025 annual meeting. The proposal was submitted under Rule 14a-8 of the Securities Exchange Act, citing subpar returns on company assets for many years as the primary reason for recommending the sale.
Gli azionisti di IF Bancorp (NASDAQ: IROQ) hanno approvato la proposta di Stilwell Activist Investments di vendere l'azienda con un margine di 3:2 durante l'Assemblea Annuale 2024. Sebbene la proposta non sia vincolante, raccomanda che il Consiglio di Amministrazione prenda le misure necessarie per procedere rapidamente alla vendita dell'azienda.
Stilwell, uno dei maggiori azionisti di IROQ, ha dichiarato che se la proposta approvata dagli azionisti non porterà a una vendita rapida, intendono cercare una rappresentanza nel consiglio di amministrazione di IROQ durante l'assemblea annuale del 2025. La proposta è stata presentata ai sensi della Regola 14a-8 del Securities Exchange Act, citando rendimenti inferiori sugli attivi aziendali per molti anni come principale motivo per raccomandare la vendita.
Los accionistas de IF Bancorp (NASDAQ: IROQ) han aprobado la propuesta de Stilwell Activist Investments para vender la empresa con un margen de 3:2 en la Junta Anual de 2024. Aunque la propuesta no es vinculante, recomienda que la Junta Directiva tome las medidas necesarias para llevar a cabo rápidamente la venta de la empresa.
Stilwell, uno de los mayores accionistas de IROQ, afirmó que si la propuesta aprobada por los accionistas no conduce a una venta rápida, tienen la intención de buscar representación en la junta de IROQ en la reunión anual de 2025. La propuesta fue presentada bajo la Regla 14a-8 de la Ley de Intercambio de Valores, citando rendimientos por debajo de lo esperado en los activos de la empresa durante muchos años como la principal razón para recomendar la venta.
IF Bancorp (NASDAQ: IROQ)의 주주들이 2024 연례 회의에서 Stilwell Activist Investments의 회사 매각 제안을 3:2로 승인했습니다. 이 제안은 구속력이 없지만, 이사회가 신속하게 매각을 실행하기 위한 필요한 조치를 취할 것을 권장합니다.
IROQ의 주요 주주 중 하나인 Stilwell은 주주 승인 제안이 신속한 매각으로 이어지지 않을 경우 2025년 연례 회의에서 이사회 이사직을 추구할 의도가 있다고 밝혔습니다. 이 제안은 증권 거래법 제14a-8 조에 따라 제출되었으며, 회사의 자산에 대한 저조한 수익률이 여러 해 동안 매각을 권장하는 주된 이유라고 언급했습니다.
Les actionnaires d'IF Bancorp (NASDAQ: IROQ) ont approuvé la proposition de Stilwell Activist Investments de vendre l'entreprise avec une marge de 3:2 lors de l'Assemblée Annuelle de 2024. Bien que la proposition ne soit pas contraignante, elle recommande au Conseil d'Administration de prendre les mesures nécessaires pour procéder rapidement à la vente de l'entreprise.
Stilwell, l'un des plus grands actionnaires d'IROQ, a déclaré que si la proposition approuvée par les actionnaires ne mène pas à une vente rapide, ils comptent chercher à obtenir une représentation au conseil d'IROQ lors de l'assemblée annuelle de 2025. La proposition a été soumise en vertu de la Règle 14a-8 de la loi sur les valeurs mobilières, citant un rendement inférieure sur les actifs de l'entreprise pendant de nombreuses années comme principale raison de recommander la vente.
Die Aktionäre von IF Bancorp (NASDAQ: IROQ) haben den Vorschlag von Stilwell Activist Investments zur Veräußertung des Unternehmens mit einem Verhältnis von 3:2 auf der Jahreshauptversammlung 2024 genehmigt. Obwohl der Vorschlag nicht bindend ist, empfiehlt er dem Vorstand, die notwendigen Schritte zur schnellstmöglichen Durchführung des Verkaufs zu unternehmen.
Stilwell, einer der größten Aktionäre von IROQ, erklärte, dass sie, falls der von den Aktionären genehmigte Vorschlag nicht in einem zeitnahen Verkauf resultiert, beabsichtigen, eine Vertretung im Vorstand von IROQ bei der Jahreshauptversammlung 2025 zu suchen. Der Vorschlag wurde gemäß Regel 14a-8 des Securities Exchange Act eingereicht, wobei Unterdurchschnittliche Renditen auf Unternehmensvermögen über viele Jahre als Hauptgrund für die Empfehlung des Verkaufs angeführt wurden.
- Stockholder approval (3:2 margin) supporting company sale indicates strong shareholder backing for strategic alternatives
- Potential sale could maximize shareholder value given the cited subpar asset returns
- Company has been experiencing subpar returns on assets for many years
- Non-binding nature of the proposal means the Board isn't required to pursue a sale
- Potential proxy contest in 2025 if sale isn't pursued could lead to management instability
Insights
This shareholder vote marks a significant development for IF Bancorp. The 3:2 margin approval of Stilwell's proposal demonstrates strong stockholder support for a potential sale, though the non-binding nature means the board isn't legally obligated to act. The activist pressure from Stilwell, a major shareholder, coupled with their threat to seek board representation in 2025, creates substantial pressure for strategic alternatives.
The focus on "subpar" returns on assets suggests operational inefficiencies that could be addressed through a strategic sale. For a small-cap bank with
At last week's Annual Meeting, stockholders approved our Proposal by a 3:2 margin calling for a prompt sale of IF Bancorp, Inc. Although the Proposal is non-binding, IROQ's stockholders agree that the Company should be sold promptly. We urge IROQ's Board of Directors to act now.
If the stockholder-approved Proposal does not lead to the Company's prompt sale, we intend to seek board representation at IROQ's 2025 annual meeting of stockholders.
The Proposal is copied directly below:
Proposal: RESOLVED, that the stockholders of IF Bancorp, Inc. (the "Company" or "IROQ") hereby recommend that the Board of Directors take all necessary steps to promptly effectuate a sale of the Company.
As set forth in our Supporting Statement included in IROQ's proxy statement filed with the Securities and Exchange Commission on October 16, 2024, we believe that the returns on the Company's assets have been subpar for many years and that IROQ stockholders would be best served if the Company and its assets were sold at the earliest opportunity for the highest price available. The Proposal was submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended.
Visit the following link to view the Company's Annual Meeting vote results:
Investor Contact:
Megan Parisi
(787) 985-2194
mparisi@stilwellgroup.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
View original content:https://www.prnewswire.com/news-releases/stockholders-approve-stilwells-proposal-to-sell-if-bancorp-302321427.html
SOURCE The Stilwell Group
FAQ
What was the voting result for Stilwell's proposal to sell IF Bancorp (IROQ)?
Is Stilwell's proposal to sell IF Bancorp (IROQ) binding?
What action will Stilwell take if IF Bancorp (IROQ) doesn't pursue a sale?
