WAUSAU, Wis. (WSAU) -- A deal has been struck that may lead to less fireworks between Wausau Paper and it’s largest shareholder, Starboard Value LP.
In a press release issued Wednesday, The Mosinee based papermaker announced they will appoint Starboard Partner Gavin Molinelli to the Wausau Paper Board of Directors. Starboard has often had issues with decisions from the board and officers, and has been trying to gain more influence for a long time. The Starboard Value affiliates control 15.1% of Wausau Paper stock, which makes the group the largest stockholder. As part of the deal, Starboard has agreed to vote all of its shares in favor of each of the Board’s nominees at the upcoming 2014 Annual Meeting.
Wausau Paper has closed or sold properties that do not make tissue products including Rhinelander, Mosinee, and Brokaw. That leaves the corporate headquarters as the last thing they have in Wisconsin. There has been past speculation that more Starboard control could lead to leaving Wisconsin altogether.
Wausau Paper officials issued the press release just before 5:00 p.m. Wednesday, and were not available for comment that day.