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Hedge fund steps up Wausau Paper takeover attempt

Gannett – A Manhattan-based hedge fund this week continued its push to take over Wausau Paper with three new nominations for the paper company’s board of directors.

Starboard Value LLC, which owns nearly 15 percent of outstanding Wausau Paper stock, filed with the Securities Exchange Commission Monday a preliminary proxy statement nominating three people for the board to replace three directors whose terms expire this year. With two Starboard nominees already elected to the board last spring, the hedge fund would hand-pick five of the company’s eight directors if successful.

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