/// Proxy Ho? Like Yahoo, AOL Could Face Alternate Board Slate From Irked Investor as Early as Today

February 24, 2012  |  All Things Digital


Have you never heard of Starboard Value? Me, either! But the New York activist fund is readying to make a splash as soon as today, several sources said, if it follows through on the expected naming an alternate board to challenge AOL. Saturday is the official deadline to nominate directors to the board of AOL, also based in New York, which will have all eight up for re-election. Sources said Starboard has talked to several Internet types, but that it has plans to put up a slate made up more of Wall Streeters to present at the company’s annual meeting later in the year. In a filing last week, Starboard said it had been in discussions with AOL management about its concerns, so it is certainly possible the investor and the company could come to some agreement over board seats and strategic direction before it gets Yahoo-ugly. That would make it a kind of an East coast proxy battle version of what’s been going on over at Yahoo and its tussle with Third Point’s Daniel Loeb . He recently followed through on long expressed unhappiness with the Silicon Valley Internet giant and named a slate of directors — including well-known media exec Jeff Zucker — to replace current ones there. The same kind of thing has been in the works at Starboard, which sent a letter in late December to AOL CEO Tim Armstrong, saying his much touted strategy around content was not a good one for investors

Link:
Proxy Ho? Like Yahoo, AOL Could Face Alternate Board Slate From Irked Investor as Early as Today


newEngagebanner

Leave a Reply