Starboard Value, Wausau Paper
: Famed activist Jeff Smith
and his hedge fund, Starboard Value, have just reported that they still hold a sizable position in Wausau Paper Corp. (NYSE:WPP) worth 15.2% of its outstanding shares. In a filing with the SEC this morning, Starboard also released a letter Wausau's CEO and Board of Directors, calling for a share buyback and a dividend hike. Given the hedge fund's history of successful activism, we'd take this development very seriously.
Here's the full letter:
Starboard's Letter to Wausau CEO/Board