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Hedge fund Starboard Value is preparing to launch a battle for board seats at AOL heading into its annual investor meeting, The New York Post reports.Citing anonymous sources, The New York Post reports that Starboard Value plans to nominate his own slate of directors after quietly upping its stake in AOL to 5.1 per cent.
Here’s what they said:
“They will nominate [directors] next week unless they come to an agreement with the company before then,” said one person familiar with the situation.
Added another source, “They’re moving forward unless peace breaks out all over.”
Smith is mainly concerned about AOL’s “losses in its display business ” and “money-losing growth initiatives like Patch,” according to a regulatory filing cited by the Post.