HasbroHe has successfully resisted an activist investor’s challenge to his board that wanted to shake up its board and spin off the toymaker’s lucrative division that includes Dungeons & Dragons.

The Rhode Island-based firm said Wednesday that shareholders voted in favor of reelecting its 13 directors. This was according to preliminary votes.

The company released a statement on Wednesday saying that “as the vote suggests, our highly-skilled and newly refreshed board has experience and expertise directly applicable to overseeing Hasbro’s world-class portfolio assets across multiple play/entertainment categories.”

Alta Fox Capital Management owned a 2.5% share in the company, valued at around $325 millions. Alta Fox appointed five directors to company’s Board in February. But, it narrowed down the selection to one prior to Wednesday’s vote.

Alta Fox desired to eliminate Hasbro’s “brand blueprint” strategy. She suggested that the Wizards of the Coast business and the digital gaming company be spun off as part of an overall push to increase profitability within the entertainment and consumer product divisions.

Alta Fox stated to shareholders that Hasbro’s share price would rise by $100 with the spinoff. However, the giant toy company rebutted that statement by stating that the separation of Wizards of the Coast and its core business would have a negative impact on both the division as well as the entire company.

Hasbro uses storytelling to increase toy sales. Brian Goldner was the CEO of Hasbro, and the company successfully expanded into other areas such as television, films, and digital gaming.

The company uses toys brands such as Transformers and My Little Pony for television and movie productions, which in turn drives toy sales. The company is currently producing a Dungeons & Dragons movie and television show through eOne. These brands have also been used by the company for publishing, apparel, and accessories.

At 1:30 PM, Hasbro shares fell less than 1% ET.