Hasbro defeats board challenge from activist investor Alta Fox
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HASBRO defeated a board challenge from activist hedge fund Alta Fox with shareholders re-electing all of the company's directors, the toymaker said on Wednesday (Jun 8), citing a preliminary tally of voting results.
Alta Fox, which nominated one director to the company's 13-member board, had pushed Hasbro to spin off its Wizards of the Coast and Digital Gaming unit and criticised how the company allocated its capital.
Hasbro has said a spinoff of the profitable business, which houses brands such as Magic: The Gathering and Dungeons & Dragons, would be unlikely to create any value for the company.
Reuters on Tuesday reported Hasbro was poised to prevail over Alta Fox in the board challenge.
The hedge fund, which owns a 2.5 per cent stake in Hasbro, first nominated 5 directors to the board before scaling back its ambitions.
Hasbro shares, which have fallen nearly 13 per cent this year, slipped 0.8 per cent in morning trading. REUTERS
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