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Hedge fund moves to take over Wausau Paper board

Manhattan firm ramps up demands in public battle for control

7:45 PM, Jan. 14, 2013
The crescent moon peeks through the vapor Monday released at Wausau Paper's mill in Mosinee. The company announced Friday that it will sell the facility, along with mills in Rhinelander and Brainerd, Minn.
The crescent moon peeks through the vapor Monday released at Wausau Paper's mill in Mosinee. The company announced Friday that it will sell the facility, along with mills in Rhinelander and Brainerd, Minn.
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A Manhattan-based hedge fund that is the single largest owner of stock for Wausau Paper Corp. plans to take control of the company's board of directors in an effort to maximize profit for shareholders.

Starboard Value LLC, which owns 14.8 percent of Wausau Paper's stock, gained controlling interest in the company in 2011. Starboard since then has pushed the Mosinee-based paper company to eliminate underperforming parts of the operation, including the printing- and writing-paper division and more than 400 jobs with the closure last year of the Brokaw mill.

Now Starboard is pushing Wausau ...

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