Last week, Jeffrey Smith’s Starboard Value LP and Wausau Paper Corp. (NYSE:WPP), a $513 million market cap company that manufactures, converts, and sells paper and paper products, entered a new agreement regarding the composition of the company’s Board of Directors. According to a press release, Wausau agreed to appoint Gavin Molinelli, a Partner at Starboard, to the company’s Board of Directors. As previously reported, Mr. Molinelli has been serving as an observer to the Board since April 22, 2014.
“Mr. Molinelli will be included on the Company’s slate of Board nominees in the Company’s 2014 proxy statement and submitted for stockholder approval at the Company’s 2014 Annual Meeting,” Wausau Paper Corp. (NYSE:WPP) said. Starboard, which beneficially owns approximately 15.1% of the company’s outstanding shares of common stock, has agreed to vote all of its shares (about 7.5 million) in favor of each of the Board’s nominees at the 2014 Annual Meeting.
Disclosure: Javier Hasse holds no position in any stocks mentioned.