HG Vora Capital Management, an activist investor seeking changes at casino operator Penn Entertainment Inc., criticized the company for reducing the number of board seats up for election and said it will continue a proxy fight.
HG Vora had planned nominations to fill three seats on the board of Penn, a casino and racetrack operator that’s invested heavily in online betting and was holding talks with the company as late as April 25. Later that day, Penn announced that two of HG Vora’s choices would be nominated to the board without reaching any agreement with the investor.
HG Vora said in a statement Monday that Penn’s action cut the number of seats up for election to two and accused the company of depriving “shareholders of their fundamental right to elect directors of their choosing.” It holds just under 5% of Penn shares.
