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Egan-Jones Proxy Services advised shareholders of Penn Entertainment Inc. to support the election of three board members nominated by activist investor HG Vora, Bloomberg News reported. The nominees are Johnny Hartnett, Carlos Ruisanchez, and William Clifford.
The recommendation comes amid concerns over Penn Entertainment’s financial performance and governance practices. Egan-Jones cited issues such as a staggered board, plurality voting, and a lack of shareholder rights. The firm also pointed out the company’s recent decision to reduce the number of available seats at the annual shareholder meeting.
In a note to clients, Egan-Jones stated, "After analyzing the history of the company, their shift in strategy, and their financial performance in recent years, we believe change is needed in the boardroom." This analysis led to their support for the HG Vora nominees, despite Penn’s previous endorsement of only Hartnett and Ruisanchez.
Penn Entertainment, known for its casino and online betting operations, has not yet commented on the recommendation or the concerns raised by Egan-Jones.
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