Wausau Rejects Starboard Request As Proxy Fight Looms

Law360, New York (January 21, 2014, 11:23 AM EST) -- Wausau Paper Corp. on Tuesday shot down calls to give Starboard Value LP seven seats on its nine-member board, saying it had so far worked "constructively" with the activist investor but will put a hard cap on its influence moving forward.

New York-based Starboard said Friday it wants to add three more board seats to the four slots it already holds, as part of an ongoing effort to reshape Wausau and ramp up shareholder returns. But the paper products company argued it had compromised enough, saying...
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