**Convexis Aims to Place a Representative on Kindred’s Board to Advocate for a Sale**
Convexis Management, an activist investment group, is poised to place one of its associates on the board of Kindred, with the objective of potentially urging the operator toward a sale.
Convexis obtained a 10% interest in Kindred earlier this year and promptly declared it would press the operator’s board to seek a sale.
Kindred’s board did take action, but was unable to locate a suitable buyer. iGB understands that some prospective buyers expressed worries about how Kindred would integrate into the rising popularity of local regulatory markets.
Convexis subsequently expanded its ownership, becoming Kindred’s largest investor. After the announcement, the firm requested the chance to participate in Kindred’s nominating committee, granting it the authority to select board members.
Convexis founder Keith Meister was designated chair of the nominating committee, providing him with considerable influence over board appointments.
Now, the committee, headed by Meister, has selected Convexis associate James Gmeiner to join the board. Kindred shareholders will vote on Gmeiner’s appointment at a special shareholder gathering on November 14th.
Reports indicate that earlier this year, Corvex may have requested the dismissal of Henrik Tjärnström if the company couldn’t secure a buyer, installing new leadership to facilitate the sale of Kindred. However, it’s uncertain if Gemmel will pursue this course of action.
Gemmel has held board positions at Exelon, Occidental Petroleum, and Williams Companies. Prior to joining Corvex, he was an investment analyst at Federated Hermes Inc. and an investment analyst at the Prudent Bear Fund at David W Tice & Associates.
Sign up for the iGaming newsletter.