Starboard Value LP (together with its
affiliates, "Starboard"), the largest shareholder of Wausau Paper Corp.
("Wausau" or the "Company") WPP with approximately 14.8% of the
outstanding common stock of the Company, announced today 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.
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