Wausau Paper's largest shareholder calls for management overhaul and move, or saleSubmitted: 01/19/2014
Story By Lauren Stephenson

MOSINEE - Wausau Paper's largest shareholder, Starboard Value LP, wants the company to replace management or consider selling the company.

Starboard owns more than 15% of Wausau Paper's stock.

It publicly released a 10-page letter outlining its suggestions to board members Friday.

The letter criticizes current management for "ignoring shareholder concerns" and the company's "prolonged underperformance under the direction of the current management team and Board."

In the letter, Starboard's CEO Jeffrey Smith says Wausau Paper's board "has been more intent on lining the pockets of management."

He says the board spent $250 million to restructure its printing and writing business.

Starboard suggested they sell it.

Wausau Paper did finally sell the two specialty printing mills in Rhinelander and Mosinee to KPS Capital Partners LP last summer.

But Starboard CEO Jeffrey Smith said they should have sold a year earlier when the business was worth more.

Starboard claims management refuses to move headquarters from Mosinee even though "Wausau's Tissue business, which now represents 100% of revenue, operates entirely out of Kentucky and Ohio."

Wausau Paper just invested $220 million into its facility in Kentucky.

Starboard argues the management should move there to oversee the operations.

The letter also nominates three people directors to the Wausau Paper board.

One of those nominees is Starboard CEO Jeffrey Smith.

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EAGLE RIVER - Eagle River hosted its 36th annual Cranberry Fest during October's first weekend.

Organizers say the weather this year brought in many more visitors.

"People come to this whether there's good weather of bad weather," said Executive Director of the Eagle River Chamber Kim Emerson. "And with this year being great weather, we had above-average crowds and it was just spectacular. We're so happy about that."

By 3 p.m. Saturday, the World's Largest Cranberry Cheesecake had already been devoured. Sales of slices go towards the Make-A-Wish Foundation of Wisconsin. 

Organizers said they also almost sold out of cranberries, but they said they would still have more to sell on Sunday. 

There were also dozens of craft vendors, food and wine and cranberry marsh tours.

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RHINELANDER - Harvest Hoedown started Saturday at noon at the Woodpecker Bar and Grill in Rhinelander.

The event had a hay maze, horse drawn carriage rides, food, and live music all afternoon.

"I think it's going great. We got a little sunshine right now. We got probably a couple hundred people here. People are buying food, spending money. It's what we're after," said Rhinelander Area Food Pantry Executive Director Guy Hanson.

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NEKOOSA - People in Nekoosa could go back in time this weekend.

Volunteers at Pointe Basse recreated a historical camp portraying lives of people from the 1700s and early 1800s.

Volunteers from all across the U.S. all had a piece of history to share.

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RHINELANDER - A Wisconsin brewing company executive wants businesses to hire more veterans.

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RHINELANDER - Swiping your credit cards could soon be a thing of the past.

Businesses across the country are switching to a chip card reader for credit and debit cards.

Credit companies say the new system will help cut back on fraud.

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ACROSS WISCONSIN - Abbotsford 62, Thorp 6

Algoma 24, Sturgeon Bay 8

Almond-Bancroft 61, Tigerton/Marion 6

Amherst 56, Manawa 6

Antigo 42, Lakeland 28

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MERRILL - Firefighters need to be prepared to rescue people from more than just fires.

People can get trapped in tree stands, water, or a tight spot. 

Local fire departments respond to those emergencies.

Merrill's first Citizen's Fire Academy learned about these specialized rescues Thursday night.

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