LionEye Capital Management Sends Letter to Wausau Paper Board

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LionEye Capital Management LLC, New York, N.Y., USA, this week sent a letter to the Wausau Paper Corp. Board of Directors, Mosinee, Wis., urging it to hold management accountable for recent performance. The letter also stated that LionEye plans to vote for a change in the composition of the board at the upcoming annual meeting. LionEye has been an investor in Wausau Paper for more than two years and owns 3.7% of the common shares outstanding.

Stephen V. Raneri, CEO of LionEye Capital said that "we have been a patient investor in Wausau Paper for 2½ years. We believe that the company has great assets and has the opportunity to create significant value for shareholders. However, we believe that the current board of directors is unwilling or unable to take all necessary steps to maximize shareholder value. Therefore, we believe that change in the composition of the board, including the addition of shareholder representation, is in the best long-term interests of the company."

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