MOSINEE, WI (WTAQ) - For the second time in a year, the largest stockholder in the Wausau Paper company is urging its management to leave Wisconsin.
Wausau Paper still has its headquarters in Mosinee, after selling its Mosinee and Rhinelander mills early last year to KPS Capital Partners of New York.
But that wasn't enough to satisfy Wausau's largest stockholder, the Starboard Value hedge fund of Manhattan. It says Wausau Paper remains, "deeply undervalued" while its executives wasted millions of dollars to prop up parts of the business that were, "destined to fail."
Starboard says the board of Wausau Paper should fire the managers, do more restructuring, or sell the company.
After Wausau sold its nearly century-old plant in Brokaw two years ago, it only has two out of state mills which make paper towels and tissues.
The Mosinee headquarters are its only Wisconsin operations. Wausau Paper has not commented on Starboard Value's newest allegations.
(Story courtesy of Wheeler News Service)