Gabelli Funds' Shareholder Rights Proposal Approved at Wausau Annual Meeting
RYE, N.Y.--(BUSINESS WIRE)--At the 2014 Wausau Paper Corp. (NYSE:WPP) annual meeting of shareholders held yesterday in Lexington, Kentucky the company announced that the shareholder proposal presented by Gabelli Funds, LLC, the mutual fund adviser of GAMCO Investors, Inc. (NYSE:GBL), was approved by Wausau’s shareholders.
The shareholder proposal requested that the Board of Directors of Wausau Paper Corp. redeem the preferred share purchase rights issued pursuant to the Rights Agreement dated as of October 21, 1998, and thereafter amended, unless the holders of a majority of the outstanding shares of common stock approve the issuance at a meeting of shareholders held as soon as practical. The Rights represent a corporate anti-takeover device, commonly known as a “Poison Pill.”
GAMCO Investors, Inc. and its affiliates own approximately 1.53% of the common shares of Wausau Paper Corp. on behalf of their clients.
GAMCO Investors, Inc., through its subsidiaries, manages assets of private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.) and is known for its Private Market Value with a Catalyst™ style of investment. As of June 30, 2014, GAMCO Investors, Inc. had $49.4 billion in assets under management.