Wausau Paper has reached an agreement with Starboard Value, largest shareholder, to add two Starboard-approved members to its board of directors, according to a report in the Wausau Daily Herald.
Starboard Value, a New York-based hedge fund, wants the Mosinee company to sell its remaining operations, including its Mosinee mill, and take other steps to restructure. The agreement would increase the board from six to eight members, and give Starboard more influence over the board.
Wausau Paper already has announced plans to sell the printing- and writing-paper business and shut down its mill in Brokaw, Wis., but the companies denies it was the result of pressure applied by Starboard. About 310 of Brokaw’s 430 employees were laid off last Friday.
The company still employs 400 people at its Mosinee mill.
