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Longacre Square Partners handles media for Alta Fox Capital Management, which is pressing Hasbro Inc. to spin off its fast-growth gaming unit to bolster its stock price.
Fort Worth-based Alta Fox, owner of a 2.5 percent Hasbro stake, has nominated five members to the toy company’s board of directors.
Alta Fox claims Hasbro can simplify and improve its corporate structure by spinning out the Wizards of the Coast segment, which it calls “a hidden gem” with a completely different growth, margin and valuation profile than the consumer products and entertainment units.
The Wizards of the Coast and gaming division chalked up 42 percent revenue growth in 2021, compared to Hasbro’s 17 percent jump in total sales.
Hasbro, which is represented by Brunswick Group, claims it is on the right path to deliver sustainable growth for shareholders.
It notes that Chris Cocks, who is president/COO of the Wizards of the Coast and digital gaming division, becomes corporate CEO on Feb. 25.
Hasbro expects Cocks’ ability to create and nurture brands will accelerate corporate growth.
Longacre’s Greg Marose and Charlotte Kiaie represent Alta Fox.
Brunswick’s Nik Deogun handles Hasbro.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
