This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

LionEye Capital Management Sends Letter To Wausau Paper Board

NEW YORK, Feb. 12, 2014 /PRNewswire/ -- LionEye Capital Management LLC today sent a letter to the Board of Directors of Wausau Paper Corp. (NYSE: WPP) urging the Board to hold management accountable for recent performance.  The letter also stated that LionEye plans to vote for a change in the composition of the Board at the upcoming annual meeting.  LionEye has been an investor in Wausau Paper for over two years and owns 3.7% of the common shares outstanding.

Stephen V. Raneri, Chief Executive Officer of LionEye Capital said, "We have been a patient investor in Wausau Paper for 2½ years.  We believe that the Company has great assets and has the opportunity to create significant value for shareholders.  However, we believe that the current Board of Directors is unwilling or unable to take all necessary steps to maximize shareholder value.  Therefore, we believe that change in the composition of the Board, including the addition of shareholder representation, is in the best long-term interests of the Company."

The full text of the letter is attached:

February 12, 2014

Board of DirectorsWausau Paper Corp.100 Paper PlaceMosinee, WI  54455-9099

Dear Members of the Board of Directors:

As you know, LionEye Capital Management LLC and its affiliated funds own 1.9 million shares of Wausau Paper Corp. ("WPP" or "the Company") which represents 3.7% of the common shares outstanding.  Our funds have been invested for over 2½ years and throughout this period we have been very patient in our interactions with you.  Our patience has run out.

Wausau Paper is facing its third proxy contest in three years.  We believe the reason is that the Board of Directors is not the focused, engaged, proactive steward of capital that the shareholders and the Company deserve. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs