The Lego Group recently announced a $1 billion investment to build a new carbon-neutral factory in Chesterfield County, Virginia, in a strategic supply chain and sustainability move.
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 criticized how the company allocated its capital. Alta Fox, which owns a 2.5% stake in Hasbro, said in a statement it was disappointed with Wednesday's results but would remain a shareholder and seek to maintain talks with the board.
Hasbro Inc is poised to prevail over a board challenge from activist hedge fund Alta Fox, people familiar with the matter said on Tuesday. This outcome would be a blow to Alta Fox, which had pushed the toymaker to spin off its Wizards of the Coast and Digital Gaming unit and criticized how the company allocated its capital. Early vote tallies show Hasbro ahead of Alta Fox, which nominated one director to the company's 13-member board, the sources said.