Reuters: Private Equity: UPDATE 1-AOL urges shareholders to vote against Starboard nominees

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UPDATE 1-AOL urges shareholders to vote against Starboard nominees May 16th 2012, 22:43 Wed May 16, 2012 6:43pm EDT May 16 (Reuters) - Internet company AOL Inc, which has been engaged in a long-standing proxy fight with Starboard Value, urged shareholders to vote against the activist hedge fund's slate of board nominees. AOL told shareholders that Starboard CEO Jeffrey Smith only plans to liquidate the company, a regulatory filing showed. Starboard has a 5.3 percent stake in AOL. Starboard, spun off from Ramius LLC in March 2011, launched a campaign late last year to shake up the internet company. "We do not believe Jeffrey Smith and his Starboard nominees have demonstrated an understanding of AOL's basic business model," AOL said. The company sought support for its board nominees which include Chief Executive Tim Armstrong.

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