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Hasbro Defeats Board Challenge From Alta Fox

Shareholders voted to re-elect the 13 directors to Hasbro’s Board of Directors

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Hasbro announced that the preliminary results at the 2022 Annual Meeting of Shareholders indicates they voted to re-elect the 13 directors to the Hasbro Board today. The results are subject to certification, but should be available within four business days on Hasbro’s investor relations website.

The shareholder vote appears to have put an end to the Alta Fox campaign, which had dwindled over the past few months down to just an attempt to get a single new member added to the Board of Directors. Alta Fox Capital Management, an alternative asset management firm with a 2.5% stake in Hasbro, launched a campaign to attempt to get five nominees on the Hasbro Board and spin-off Wizards of the Coast (WotC) back in February, but the efforts fell apart rather quickly. The campaign devolved from the attempted spinoff down to three board member, eventually ending up as an attempt to get Marcelo Fischer added to the Hasbro board a week before the annual shareholder meeting.

Today’s news release from Hasbro didn’t even mention Alta Fox. Hasbro’s addressed the Alta Fox campaign in their letter to shareholders on June 6. The company posted this statement on their Game Plan website prior to the vote:

Alta Fox has again decided to change course on its campaign, narrowing it to “spin-off expert” Marcelo Fischer, just days before the scheduled Annual Meeting vote. Shareholders should question the lack of focus in Alta Fox’s campaign and lack of clarity around its thesis, which reflects a highly inconsistent and fundamentally weak set of conclusions underlying its campaign. At the end of the day, it is clear that Alta Fox is looking for a win for Alta Fox, not for all Hasbro shareholders.

Hasbro, Inc

Connor Haley, Managing Partner of Alta Fox, issued a statement following the vote, where he expressed disappointment in the results, but said Alta Fox will continue to be an engaged shareholder and will seek to maintain talks with the board.