A top shareholder in Penn Entertainment is seeking seats on the casino operator’s board.
The hedge fund HG Vora Capital Management, which has an 18.5% economic interest including swaps, is in talks with Penn about placing directors on the company’s board, according to a securities filing made on Thursday, which didn’t say how many. (Its latest 13F filing revealed an 11% stake in Penn.) Should the talks not lead anywhere, the fund might pursue a proxy fight, according to people familiar with the matter. The Wall Street Journal earlier reported on HG Vora’s position.
Penn’s window for nominating director candidates ahead of its 2024 shareholder meeting runs from Jan. 8 through Feb. 7, according to proxy materials. Penn’s board members serve on staggered terms, coming up for election every three years, and two have held a seat for more than two decades.
