Wausau Paper Corp. (WPP: Quote) announced Tuesday that it was in receipt of the letter sent Monday by Starboard Value LP, as well as a letter sent on January 11, 2013, which indicated Starboard’s intent to nominate three candidates to the Company’s Board of Directors.
In a response to Starboard’s letters, Wausau Paper said that it was disturbed by Starboard’s letter and public statements regarding the recent discussions with Starboard about the strategy and governance of Wausau Paper.
Wausau Paper stated that Starboard’s public description of the sequence of private events was inaccurate in many respects. In particular, the company’s announcement on Friday regarding the exploration of alternatives for the Paper Segment and focus on Tissue business was a unanimous Board decision that resulted from months of discussion and careful consideration by the Board of Directors with the assistance of independent financial advisors.
“Contrary to your accusation, this important strategic decision was not made in reaction to your letter of Friday morning,” Wausau Paper said in the letter.
“Jeffrey Smith, Managing Member of Starboard, for months you indicated your genuine interest in working together privately with us to reach an agreement. A few days ago you represented to our Chairman that we were “very close” to an agreement. These statements make your recent actions even more surprising,” Wausau Paper noted.
Wausau Paper said that its focus is on serving the best interests of all of its shareholders and it will continue to take actions consistent with that focus. Wausau Paper noted that it looks forward to continuing its discussions with Starboard and its other shareholders.
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by RTT Staff Writer
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