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Wausau Paper's largest shareholder asks for company's sale


WAUSAU, WI (WTAQ) - The largest stockholder of Wausau Paper says the entire company should be sold -- or at least the entire tissue business.

Starboard Value LP, a hedge fund based in New York, released its request in a letter Thursday.

It said Wausau Paper is, "deeply undervalued." And it knows that a number of parties are interested in buying either the tissue operation or the entire firm.

Wausau Paper spokesman Perry Grueber says the company's board will review the letter and issue a response.

Last month, Wausau Paper said it would no longer make writing, office, and magazine papers -- and it would also stop producing colored papers for crafts and stationery.

The firm said it would close its oldest factory in Brokaw, leaving 450 people without jobs.

The Starboard hedge fund said it's a step in the right direction but more needs to be done to, "unlock significant value at Wausau." The hedge fund owns 9.3 percent of Wausau's stock.