Hedge Fund Pushes Wausau Paper to Leave Wisconsin, or Sell

A Manhattan hedge fund that takes credit for forcing Wausau Paper to shut down one Wisconsin mill and sell two others now wants the company to move its headquarters out of Mosinee (WI) and possibly sell its entire operation outright.

Starboard Value LP, which is Wausau Paper’s largest stockholder with 15.2 percent of shares, renewed a pattern Friday of an aggressive, public campaign to alter the papermaker that started along the banks of the Wisconsin River north of Wausau in 1899.

In a scathing 10-page letter to the company’s board of directors, Starboard CEO Jeffrey Smith called Wausau Paper “deeply undervalued”