Wausau Paper Agrees to PE Firm's Board Member Nominees

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

Specialty-paper producer Wausau Paper (UNKNOWN: WPP.DL  ) announced it had reached an agreement with Starboard Partners to nominate to its board of directors two candidates chosen by the private equity firm. The nominations will be included in the company's 2013 proxy statement, and submitted for stockholder approval at the company's 2013 annual meeting.

By nominating John S. Kvocka and George P. Murphy to the board, neither of whom works for or is affiliated with Wassau or Starboard, the P/E firm pledges to vote in favor of all the other board candidates up for election. Starboard is a major shareholder owning approximately 14.8% of the outstanding shares of Wausau's common stock.

If all nominees are elected, the Wausau Board will expand to nine directors, from its current eight, including seven independent directors.

Wausau Paper president and CEO Hank Newell said:

Wausau Paper is well positioned to capitalize on the investments we have made in the tissue business and we look forward to working productively with our new board members, John Kvocka and George Murphy, with a shared commitment to enhancing stockholder value. We are confident that their significant industry experience will be an asset to Wausau.

Starboard's CEO Jeff Smith added he is also confident the two new board members "will bring a fresh perspective to the Board and serve the best interests of Wausau and its stockholders. We look forward to enhanced value for the benefit of all stockholders."

The annual meeting is scheduled for April 18.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2300935, ~/Articles/ArticleHandler.aspx, 9/29/2016 9:40:32 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,339.24 110.94 0.00%
S&P 500 2,168.55 -2.82 -0.13%
NASD 5,318.55 0.00 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
WPP.DL $0.00 Down +0.00 +0.00%
Wausau Paper CAPS Rating: No stars