Jan 14 Money-losing Wausau Paper Corp's
largest shareholder, Starboard Value LP, called on Monday for
the specialty paper maker to consider a sale, after Wausau said
it would review its paper business.
Starboard Value, a private equity firm, together with its
affiliates owns 14.8 percent of Wausau Paper.
It nominated three board candidates for election at Wausau's
2013 annual meeting, saying Wausau was not moving fast enough to
consider a sale of the paper business or the entire company.
Wausau, valued at about $440 million, said on Friday it had
started considering strategic alternatives for its paper
business and would focus on its tissue business.
The paper business had sales of $115.6 million in the third
quarter, over half of the company's sales.
Wausau's revenue for the three-month period ended September
was the lowest in six quarters and it posted a net loss for the
second time in a row.
"Unfortunately, despite the continued underperformance of
the Technical Paper business and our regular communications with
you over the past year, you were unwilling to commit to
exploring value-maximizing alternatives for either the technical
paper business or the entire company," Starboard Value wrote in
a letter to Wausau Chairman Thomas Howatt.
Shares of Wausau closed at $8.93 on Friday on the New York