Wausau Paper releases statement on push from largest shareholder - WAOW - Newsline 9, Wausau News, Weather, Sports

Wausau Paper releases statement on push from largest shareholder

Posted:
MOSINEE (WAOW) -- Wausau Paper is fighting back, after reports that the company is being pushed to relocate out of our state.
 
"While we always appreciate input from shareholders, we were surprised and disappointed by Starboard's actions. Over the past two years, we have tried to work constructively with Starboard and have already added four of their nominees to our nine-person board. However, we believe that it is disproportionate and inappropriate that Starboard - which holds only 15% of our shares - should be able to designate the majority of the board, as would result if their new nominees were elected," said a statement from Wausau Paper.
 
The company's largest shareholder, Starboard Value LP, says the company should replace management and improve financial performance, or sell. Starboard has nominated three directors to the company's board at an upcoming shareholders meeting.
 
In a letter on Friday, Starboard said Wausau Paper Corp.  is underperforming with its current management team and board.

Wausau Paper says it "expects to communicate further with shareholders in due course."

Statement from Wausau Paper (PDF): http://www.waow.com/link/678108/wausaupaper

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