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January 24, 2014
09:04 EDTWPPAltai reports stake in Wausau, calls Starboard's plans 'convincing'
Altai Capital Management reported a 5.5% stake in Wausau Paper and says it has reviewed the materials filed by Starboard Value, including Starboard’s recent announcement of its intention to nominate three individuals for election to the board at the company's annual meeting. Altai intends to engage in discussions with Wausau, with Starboard and with other stakeholders, in order to formulate its position with respect to the Starboard nominations. It added, "However, based on the information made publicly available to date, the Reporting Persons believe that Starboard has made a convincing prima facie case supporting the need for continued enhancement of the Issuer’s Board, in order to ensure that management is appropriately committed to an agenda of proactive change, and believe that the Issuer can only benefit from the debate that will be generated by Starboard’s campaign."
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