One of the most notable activist investor battles in gaming is at an odd kind of standstill.
As HG Vora attempts to exert greater influence over ESPN Bet owner Penn Entertainment, the hedge fund can claim a sort of victory, but it still doesn’t have what it has been fighting for.
HG Vora, upset at what it sees as a “complete failure” of a strategy in online sports betting, had pushed for three new directors to be added to Penn’s board.
Penn responded by nominating two of those directors, Johnny Hartnett and Carlos Ruisanchez, but shrinking its board from nine members to eight rather than nominating former CFO William Clifford.
