Starboard Urges Wausau to Increase Dividend to $1

Starboard Value LP, the activist investor that’s the biggest shareholder of Wausau Paper Corp., called on the paper-products company to return more cash to investors.

“Wausau needs to commit to returning a large portion of cash flow before growth capex, ensuring that a meaningful amount of cash is actually returned,” Starboard Chief Executive Officer Jeffrey Smith wrote today in a letter to Wausau CEO Henry Newell that was filed with regulators.