Activist hedge fund Starboard Value, dissatisfied with AOL's $1 billion deal to sell the majority of patents to Microsoft Corp, has filed with U.S. regulators for the nomination of three of its candidates to the board of the Internet firm.In a letter to the AOL Inc board released on Tuesday, Starboard said that while it was pleased with the patent sale, it did not address "serious concerns" with the "poor operating performance" at AOL.Starboard Value said in February it intended to nominate five members to AOL's board. Its potential nominees were Ronald Epstein, CEO of Epicenter IP Group; Steven Fink, former CEO of Larry Ellison's investments; Dennis Miller, a strategic adviser to Lionsgate; Jeffrey Smith, CEO of Starboard Value; and James Warner, principal of Third Floor Enterprises, an advisory firm specializing in digital marketing and media.Starboard, which with a 5.3 percent stake in the Internet company is one of its largest shareholders, has been agitating for a shakeup. One of the paths it wanted AOL to pursue was an auction of its patents.
AOL Inc. (AOL) is a global Web services company with a range of brands and offerings and a global audience. Shares of AOL fell by 5.98% or $-1.58/share to $24.82. In the past year, the shares have traded as low as $10.06 and as high as $27.47. On average, 1725990 shares of AOL exchange hands on a given day and today's volume is recorded at 6090327.
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