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What: Shares of tissue maker Wausau Paper Corp. (NYSE:WPP) surged 39% higher today after agreeing to a buyout offer from Swedish paper and hygiene company SCA.

So what: The offer is for $10.25 per share, or $513 million in cash. The deal represents a 40.6% premium to yesterday's closing price but just an 11.3% premium to the stock's 52-week volume-weighted average price.  

SCA is planning to cut costs by about $40 million annually by the third year after the acquisition, which could make it a steal if those projections are hit.  

Now what: For investors, there's very little upside in holding on to your Wausau Paper stock given this offer. Shares trade only a few cents below the offer price and unless a better offer comes in, there's little upside, but there is a risk the deal falls through, which could send it sharply lower. I think it's time for investors to take at least some profit and look for new investment opportunities given today's windfall.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.