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Exclusive-Hasbro snubs Alta Fox board nominee offer in settlement talks-sources

Hasbro Inc has turned down a settlement offer from Alta Fox Capital Management LLC to have only one of its nominees added to the U.S. toy maker’s board of directors, making a shareholder vote over the dispute likely, people familiar with the matter said on Sunday. The two sides have been discussing how to avert a proxy contest after Alta Fox, a hedge fund that holds a 2.5% stake in Hasbro, nominated five directors to the company’s eleven-member board last month. Alta Fox has privately indicated to Hasbro, the maker of Dungeons & Dragons and Play-Doh, that it would settle for two new directors, as long as one of them is one of the five Alta Fox nominees, and a board committee focused on capital allocation, the sources said.

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