Three long-term Hasbro shareholders have encouraged the company to follow the guidance of Alta Fox and add at least one new member to the board of directors at the upcoming shareholder meeting on June 8.
Boston Partners, Anchor Capital, and Ancora Holdings Inc have all recently urged Hasbro to adjust its board and settle a proxy battle with Alta Fox, according to an article from Reuters. Boston Partners owns a 2.26% stake in Hasbro is backing all three nominees from Alta Fox. Anchor Capital, which owns a .36% stake in the company, said the board would benefit from the expertise of the new nominees. Ancora Holdings, which has a 1% stake in Hasbro, has encouraged a full or partial sale of Entertainment One, a purchase Alta Fox has been critical of in its shareholder presentations and letters.
Alta Fox Capital Management, an alternative asset management firm with a 2.5% stake in Hasbro, launched its campaign to attempt to get five nominees on the Hasbro Board of Directors and spin-off WotC back in February. Hasbro officially rejected the offer in early April and added two new board members. Since then, Alta Fox has altered its goal and message of “Free the Wizards” to “Strengthen Hasbro” by reducing its number of nominees to the board down to three, removing Jon Finkel from the list.
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