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February 11, 2013
12:17 EDTWPPStarboard files proxy materials for election of directors to Wausau Paper board
Starboard Value LP, the largest shareholder of Wausau Paper with approximately 14.8% of the outstanding common stock of the company, announced that it filed preliminary proxy materials with the SEC regarding the election of directors to the Wausau Board at the 2013 Annual Meeting. Starboard explained in its preliminary proxy that the current Board has been unwilling to explore value maximizing alternatives for the company and has instead only been interested in maintaining the status quo unless faced with the pressure of an impending proxy contest. Starboard strongly believes that meaningful change on the Board is critical to ensure that the company does not return to its past practices of complacent oversight and reactionary measures. Starboard further believes that management and certain members of the Board may be conflicted in objectively assessing a sale of the Technical Paper business, because if it is sold it will be difficult to justify maintaining management and Board functions in Wisconsin, where management and certain Board members are currently located, given that the Tissue business operates out of Ohio and Kentucky.
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