Activist investor Ancora asks Hasbro to sell Entertainment One unit – letter

The Hasbro, Inc. emblem is seen on a toy on the market in a retailer in Manhattan, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly

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Could 2 (Reuters) – Activist investor Ancora Holdings Inc needs toymaker Hasbro Inc (HAS.O) to discover a full or partial sale of its Leisure One unit to chop debt and change longstanding administrators on the board, in keeping with its letter that was seen by Reuters.

Ancora has a roughly 1% stake in Hasbro, the investor stated within the letter, including that the divesture of Leisure One can yield as much as $2 billion for the corporate and lead to tax advantages.

The transfer comes after activist investor Alta Fox Capital Administration’s push final week to oust Hasbro’s chairman and two different administrators, because it seeks modifications on the firm, together with a spin-off of its Wizards of Coast unit. learn extra

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Ancora urged Hasbro’s board to reassess a tax-free spinoff of the Wizards of Coast unit, which publishes “Dungeons & Dragons” and “Magic: The Gathering,” provided that its shares are buying and selling at about 75% low cost to intrinsic worth in keeping with its evaluation.

Monopoly maker Hasbro purchased Leisure One for about $4 billion in money in 2019 to increase into the profitable toddler and preschool market by getting access to common TV reveals like Peppa Pig and PJ Masks.

Ancora’s letter was first reported by the Wall Avenue Journal.

Hasbro declined to remark to Reuters when requested about Ancora’s letter.

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Reporting by Shivani Tanna and Anirudh Saligrama in Bengaluru; Enhancing by Aditya Soni, Uttaresh.V and Muralikumar Anantharaman

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