HG Vora Capital Management, a major shareholder in Penn Entertainment Inc (NASDAQ: PENN) with an 18.5% economic interest, is reportedly engaged in discussions with the casino operator regarding board representation.
The hedge fund, as per a recent securities filing, aims to secure positions on Penn's board, although the exact number of seats remains undisclosed.
The fund's latest 13F filing unveiled an 11% stake in Penn.
HG Vora Capital Management, traditionally not an activist investor, perceives Penn's stock as significantly undervalued and has been engaging in dialogues with management to strategize a turnaround.
The investment firm criticizes Penn's historical record in capital allocation, the Wall Street Journal Full story available on Benzinga.com