Activist investor Alta Fox pushes to replace Hasbro chairman
2022.04.27 17:51
FILE PHOTO: The Hasbro, Inc. logo is seen on a toy for sale in a store in Manhattan, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly
(Reuters) – Alta Fox Capital Management LLC is seeking to oust Hasbro Inc (NASDAQ:HAS)’s chairman and two other directors, as the activist investor pushes for changes at the toymaker including a spin-off of it Wizards of the Coast unit.
Alta Fox, a firm founded four years ago by hedge fund veteran Connor Haley and which owns a 2.5% stake in Hasbro, said the company’s chairman, Rich Stoddart, is “unqualified to continue serving”.
In response, Hasbro reiterated its call to shareholders to reject all of the activist’s board nominees, saying they would only serve “to disrupt and distract the company”.
Stoddart has been on Hasbro’s board since 2014 and has only served as chairman since late last year following the death of Brian Goldner.
Alta Fox in February pushed Hasbro to consider spinning off its Wizards of the Coast unit, which publishes “Dungeons & Dragons” and “Magic: The Gathering”, to boost its lagging share price, something the company has said it will not do.
Last month, Hasbro turned down a settlement offer from Alta Fox to add one of its nominees to the board and pick a second member on its own.
