Hasbro asked to settle with Alta Fox, refresh board

Fair game: The Hasbro logo is seen on the Star Wars Galactic Snackin Grogu toy in a shop in Manhattan, New York City. The toy maker needs to improve capital allocation and shareholder returns, according to Butterly. — Reuters

NEW YORK: Boston Partners and Anchor Capital are among long-term shareholders urging toy maker Hasbro Inc to refresh its board with at least one investor-nominated director and to settle a proxy contest with activist investment firm Alta Fox Capital Management.

Boston Partners, which owns a 2.26% stake in Hasbro and invests US$96bil (RM420.9bil) for clients, told Reuters that the board needs new directors and it is backing the activist’s three director candidates.