Starboard Sends Letter To Wausau Paper CEO & Board - Quick Facts

(RTTNews) - Starboard Value LP, the largest shareholder of Wausau Paper Corp. (WPP) with around 15.2% of the outstanding common stock of the company, today said it has delivered a letter to the company's President and CEO, Henry Newell, and the company's board. Also, it expresses serious concerns publicly following months of private dialogue with management and the board.

Further, it urges company to immediately begin a share repurchase of $100 million or more, as well as recommends company to institute a recurring dividend of $1.00 a share beginning later this year or early next year and to raise dividend to $1.50 or more over time.

New York-based Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies.