Wausau shareholder Starboard pushes for paper sale, to fund tissue PM

摘要

Wausau Paper's largest shareholder, investment adviser Starboard Value, restated its strategy for the company to sell off its paper businesses and said it should use the proceeds to finance its $220 million tissue expansion project in Kentucky. In a letter to Wausau Paper CEO Thomas Howatt, Starboard stated its concern that, as currently conceived, Wausau's tissue project requires the company to take on significant additional debt, which in turn would dramatically increase the risk profile for shareholders.