LEWISTON, Maine (AP) — A paper mill company announced it has the necessary regulatory approvals to move forward with plans to sell its Maine mill as part of a $400 million deal.

Ohio-based Verso Corp. will receive its final approval on Jan. 31, when shareholders meet in New York to vote on the sale at the company's stockholder meeting, the Bangor Daily News reported Tuesday.

The meeting will likely be contentious as two large stockholders oppose the sale of the company's Androscoggin Mill in Jay, which was announced in November.

Shareholders Atlas Holdings and Blue Wolf Capital Partners, which together own nearly 10% of Verso's stock, said the private equity firms “lack confidence in the board's ability to establish and execute a value creation strategy for the company and manage capital investments wisely.”

The firms also proposed their own directors for Verso's board and wrote a letter last month, urging other Verso shareholders to vote for their board recommendations.

The letter stated the company's recommended board members lack the necessary experience to help see the company through after the sale.

In a statement issued Tuesday, Verso asked its shareholders to vote for the sale and approve all of the directors that Verso is proposing for its board.

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