Shareholder presentations over the future of ESPN Bet operator Penn Entertainment may not be a near-daily occurrence anymore, but behind the scenes, Penn’s board and activist investor HG Vora are still jockeying over the fate of the company.
The battle between the two became less public after the operator’s annual general meeting in June.
At the meeting, the majority of voting shareholders cast ballots using HG Vora’s proxy card, which called for the election of three candidates to Penn’s board. But Penn – which argues only two seats are available, having shrunk the size of its board earlier this year – sat two members. HG Vora says Penn’s decision to change its board size is unlawful and is fighting to get its third candidate added.
