Starboard seeks exemption to boost stake in Wausau Paper Starboard disclosed that on February 1, it sent a letter to Wausau Paper's board to express its desire to increase its equity ownership stake and requested an exemption be granted to Starboard under the Rights Agreement. The Poison Pill has a 15% ownership limitation, the investment firm stated. Starboard said its exemption, if granted, would permit it to acquire beneficial ownership of up to 19.99% of the company's outstanding shares. Starboard noted that Wausau has maintained its Poison Pill for more than fourteen years, yet has never submitted the Poison Pill for approval by shareholders. Starboard also questioned the company's "rationale and need for adopting and extending its Poison Pill since there are certain anti-takeover provisions under both Wisconsin law" and the company's articles of incorporation that "adequately guard against any potential abusive tactics by third parties to gain control." Starboard currently owns a 14.8% stake in Wausau Paper.