HG Vora’s activist fight with Penn Entertainment is set to make Tuesday’s annual meeting a hotly watched event.
The business, Penn’s third-largest shareholder, has been fighting to get three new members — Carlos Ruisanchez, Johnny Hartnett, and William Clifford — elected to the ESPN Bet operator’s board. When Penn responded by nominating Ruisanchez and Hartnett for the board of its online sportsbook while shrinking the size to eight members rather than seat its former CFO Clifford, the battle found its way to the courts.
At Penn’s annual meeting on Tuesday, HG Vora will encourage shareholders to vote using its gold proxy card, with three names on it, in the hopes that a court could later force Penn to seat Clifford.
