- HG Vora Capital Management challenges PENN Entertainment's (PENN, Financial) board decisions at the upcoming 2025 Annual Meeting.
- HG Vora seeks court intervention to ensure all votes for their director nominee, William Clifford, are counted.
- The investment firm holds approximately 4.80% of PENN's outstanding shares and urges shareholders to vote using the GOLD proxy card.
HG Vora Capital Management has issued a statement regarding their ongoing dispute with PENN Entertainment, Inc. (PENN) over board composition. The conflict centers around PENN's decision to reduce the number of board seats up for election at its June 17, 2025, Annual Meeting, a move HG Vora argues undermines shareholders' rights to nominate directors of their choosing. PENN revealed plans to refresh its board only after the 2025 meeting, igniting further controversy and accusations of self-serving tactics to prevent shareholder influence.
HG Vora has nominated three independent candidates, including William Clifford, and is seeking legal action to ensure votes for Clifford are counted. The firm filed for expedited relief in Pennsylvania's federal court, urging shareholders to support their nominees via the GOLD proxy card, emphasizing the need for shareholder-led change at PENN.
The firm, which owns around 4.80% of PENN’s shares, argues that PENN's board history reflects a disregard for shareholder rights and value, necessitating immediate reform. HG Vora is mobilizing shareholder support to counteract what they describe as manipulation of the electoral process by PENN’s current board.
The outcome of the court proceedings and the Annual Meeting will be closely watched, as the actions taken could significantly influence PENN's governance and shareholder relations moving forward.
