AOL fends off board takeover attempt
ASSOCIATED PRESS June 14, 2012 11:02AM
NEW YORK — AOL Inc. says shareholders voted at their annual meeting to re-elect all eight directors on the company’s board, fending off a takeover attempt by one of its largest investors.
New York-based investment firm Starboard Value LP, which owns about 5.3 percent of AOL’s outstanding shares, had nominated a trio of candidates, saying that the company wasn’t doing enough to make money off its hundreds of technology patents.
AOL says it still plans to add two additional independent directors to its board that it believes will add additional expertise and perspectives.
Results are based on a preliminary vote count.