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SOURCE Starboard Value LP
Expresses Serious Concerns Publicly Following Months of Private Dialogue with Management and the Board
Urges Company to Immediately Initiate a Share Repurchase of $100 Million or More
Urges Company to Institute a Recurring Dividend of $1.00 per Share Beginning Later this Year or Early Next Year and to Increase Dividend to $1.50 or More Over Time
Urges Company to Reduce Corporate Overhead and Relocate Headquarters to One of its Tissue Facilities
Highlights Additional Opportunities for Improvement, Including Changes to Scheduling of Earnings Calls and Changing Company's Name to Reflect Ongoing Business
NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), the largest shareholder of Wausau Paper Corp. ("Wausau" or the "Company") (NYSE: WPP) with approximately 15.2% of the outstanding common stock of the Company, today announced that it has delivered a letter to the Company's President and CEO, Henry C. Newell, and the Company's Board of Directors.
The full text of the letter is available for viewing at the following link: http://tinyurl.com/StarboardLettertoWausau
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
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