HG Vora is optimistic about seeing a significant revolt against ESPN Bet owner Penn Entertainment at the operator’s annual meeting next week after Institutional Shareholder Services (ISS) encouraged shareholders to vote for all of the activist investor’s three proposed board candidates.
ISS is an influential proxy advisory firm that recommends to shareholders, especially hedge funds, how it believes they should vote on important motions at companies’ annual general meetings.
It is the largest proxy advisory business, controlling 48% of the market.
With Penn Entertainment’s annual meeting approaching on June 17, HG Vora is encouraging shareholders to vote for Carlos Ruisanchez, Johnny Hartnett, and William Clifford to Penn’s board.
