Corvex, which previously held a 4.99 per cent stake in Entain, was reportedly among three other hedge funds vying for board seat last year with the aim of controlling the hiring process for the new chief executive and any future mergers and acquisitions.
In January last year Entain gave Eminence Capital’s Ricky Sandler a board seat after the hedge fund’s demands ultimately led to the departure of’ Isaac's predecessor as chief executive Jette Nygaard-Andersen.
And a stock market filing on Friday revealed that New York-based Corvex Management had purchased a voting share of Entain stock equivalent to 5.3 per cent.
Entain shares were up 5.5 per cent to 735.8p by midday on Friday, taking 2025 gains to 5.9 per cent so far.
Entain shares led the FTSE 100 on Friday after an activist hedge fund was revealed to have bought a large stake in the gambling giant.
