Starboard Value, owner of 15.2% of Wausau Paper's outstanding shares, disclosed that it delivered a letter to company's President and CEO, Henry Newell, and its board of directors. Starboard had privately sent two letters to Newell and the board since May and had engaged in discussions with management regarding the issues outlined in the letters. Starboard stated that the purpose of this public letter is to make Starboard’s thoughts and perspectives on Wausau "as explicit as possible for management and the Board and to share Starboard’s views with the Issuer’s shareholders regarding the significant value creation opportunities at the Issuer, so they too can fully understand the substantial prospects for enhancing value." In the letter, Starboard urged Wausau Paper to immediately initiate a share repurchase of $100M or more, institute a recurring dividend of $1.00 per share beginning later this year or early next year, and to increase the dividend to $1.50 or more over time, and reduce corporate overhead and relocate headquarters to one of its tissue facilities.
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