NEW YORK, Jan. 12, 2012 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), the largest shareholder of Wausau Paper Corp. (" Wausau" or the "Company") (NYSE: WPP) with 9.3% of the outstanding common stock of the Company as reported in its 13D filing with the SEC earlier today, announced that it has delivered a letter to the Company's Board of Directors and newly appointed CEO, Henry C. Newell. In the letter, Starboard stated that the Company's decisions to sell its Print & Color brands and close its Brokaw, Wisconsin mill represent steps in the right direction. Starboard further stated, however, that Wausau's evaluation of strategic alternatives should not end there and the Board should retain a reputable financial advisor to evaluate all alternatives to maximize value, including a potential sale of the Paper segment or the entire Company. Starboard also expressed in the letter that if the Board has any doubt whether a sale process could generate sufficient interest in a transaction at this time, it is Starboard's understanding that numerous potential buyers have previously expressed a desire to acquire the Tissue business or the entire Company, but that the Company has not been willing to engage in discussions in furtherance of a negotiated transaction.
Starboard concluded the letter by noting that it has identified several highly qualified, independent directors with significant and successful experience in the tissue and paper industries who can bring a fresh perspective into the boardroom and can be extremely helpful in evaluating and executing on initiatives to create value at Wausau. Starboard remains open to working with the Company to reconstitute the Board with individuals capable of critically analyzing important strategic initiatives, such as the potential sale of the Paper segment or the entire Company, and the expansion of the Tissue business into new areas of the away-from-home market.
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