3rd Jan 2024 08:39
Entain PLC - London-based sports betting and gambling operator via BetMGM, Coral, Ladbrokes, PartyPoker and other brands - Appoints Ricky Sandler, founder of activist investor Eminence Capital LP, to the Entain board as a non-executive director, with Entain also agreeing to appoint an additional non-executive director "mutually agreeable to Eminence and the company". Sandler will be considered a non-independent non-executive director, and his three-year appointment is governed by a relationship agreement that limits Eminence to an 8% stake.
Entain doesn't disclose Eminence's current holding, so it is less than 5%. The intention to appoint Sandler to the Entain board was first reported by the Sunday Times last month, which said Eminence owned about 5%. The Times report followed the sudden departure of Jette Nygaard-Andersen as Entain chief executive officer in the wake of the company agreeing a deferred prosecution agreement with the UK Crown Prosecution Service in relation to bribery offences at its former Turkish firm.
Eminence manages USD6.5 billion in investments. Sandler founded the firm in 1999 and is its CEO and chief investment officer. "Entain is a robust business with market-leading brands, a unique technology platform, and enviable positions in key geographies around the world," he says. "I look forward to working with my fellow directors to help Entain achieve long-term success and create lasting value for its shareholders."
Entain current stock price: 1,011.30 pence, up 2.6% in London early Wednesday
12-month change: down 25%
By Tom Waite, Alliance News editor
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Entain