XNYS:WPP Wausau Paper Corp Insider Activity 3 Filing - 8/16/2012

Effective Date 8/16/2012

XNYS:WPP (Wausau Paper Corp): Fair Value Estimate
Premium
XNYS:WPP (Wausau Paper Corp): Consider Buying
Premium
XNYS:WPP (Wausau Paper Corp): Consider Selling
Premium
XNYS:WPP (Wausau Paper Corp): Fair Value Uncertainty
Premium
XNYS:WPP (Wausau Paper Corp): Economic Moat
Premium
XNYS:WPP (Wausau Paper Corp): Stewardship
Premium
 
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Starboard Value LP
2. Date of Event Requiring Statement (Month/Day/Year)
08/16/2012
3. Issuer Name and Ticker or Trading Symbol
WAUSAU PAPER CORP. [WPP]
(Last)
(First)
(Middle)
830 THIRD AVENUE, 3RD FLOOR, 
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed (Month/Day/Year)
(Street)

NEW YORK, NY 10022
6. Individual or Joint/Group Filing (Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, No Par Value(1) 3,449,559
I
By Starboard Value and Opportunity Master Fund Ltd(2)
Common Stock, No Par Value(1) 1,115,111
I
By Starboard Value and Opportunity S LLC(3)
Common Stock, No Par Value(1) 860,330
I
By Managed Account of Starboard Value LP(4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Starboard Value LP
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
Starboard Value GP LLC
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
Starboard Principal Co LP
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
Starboard Principal Co GP LLC
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
Smith Jeffrey C
C/O STARBOARD VALUE LP
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
MITCHELL MARK R
C/O STARBOARD VALUE LP
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
Feld Peter A
C/O STARBOARD VALUE LP
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    
STARBOARD VALUE & OPPORTUNITY S LLC
830 THIRD AVENUE, 3RD FLOOR
NEW YORK, NY 10022
    X    

Signatures

Starboard Value LP; By: Starboard Value GP LLC; By: /s/ Jeffrey C. Smith, Authorized Signatory 08/20/2012
** Signature of Reporting Person Date

Starboard Value and Opportunity Master Fund Ltd; By: Starboard Value LP; By: /s/ Jeffrey C. Smith, Authorized Signatory 08/20/2012
** Signature of Reporting Person Date

Starboard Value and Opportunity S LLC; By: Starboard Value LP; By: /s/ Jeffrey C. Smith, Authorized Signatory 08/20/2012
** Signature of Reporting Person Date

Starboard Value GP LLC; By: Starboard Principal Co LP; By: /s/ Jeffrey C. Smith, Authorized Signatory 08/20/2012
** Signature of Reporting Person Date

Starboard Principal Co LP; By:Starboard Principal Co GP LLC; By: /s/ Jeffrey C. Smith, Authorized Signatory 08/20/2012
** Signature of Reporting Person Date

Starboard Principal Co GP LLC; By: /s/ Jeffrey C. Smith, Authorized Signatory 08/20/2012
** Signature of Reporting Person Date

By: /s/ Jeffrey C. Smith 08/20/2012
** Signature of Reporting Person Date

Mark R. Mitchell; By: /s/ Jeffrey C. Smith, Attorney in Fact 08/20/2012
** Signature of Reporting Person Date

Peter A. Feld; By: /s/ Jeffrey C. Smith, Attorney in Fact 08/20/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This Form 3 is filed jointly by Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard LLC"), Starboard Value LP ("Starboard Value LP"), Starboard Value GP LLC ("Starboard Value GP"), Starboard Principal Co LP ("Principal Co"), Starboard Principal Co GP LLC ("Principal GP"), Jeffrey C. Smith, Mark Mitchell and Peter A. Feld (collectively, the "Reporting Persons"). Each Reporting Person may be deemed to be a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such shares of Common Stock for purposes of Section 16 or for any other purpose.
(2) Shares of Common Stock beneficially owned by Starboard V&O Fund. Starboard Value LP, as the investment manager of Starboard V&O Fund, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by Starboard V&O Fund. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co and Messrs. Smith, Mitchell and Feld as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by Starboard V&O Fund.
(3) Shares of Common Stock beneficially owned by Starboard LLC. Starboard Value LP, as the manager of Starboard LLC, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by Starboard LLC. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co and Messrs. Smith, Mitchell and Feld as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by Starboard LLC.
(4) Shares held in an account managed by Starboard Value LP. Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co and Messrs. Smith, Mitchell and Feld as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the shares of Common Stock beneficially owned by Starboard Value LP.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

XNYS:WPP Wausau Paper Corp Insider Activity 3 Filling

Wausau Paper Corp XNYS:WPP Stock - Get Insider Activity SEC Filing of Wausau Paper Corp XNYS:WPP stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

Content Partners
XNYS:WPP Wausau Paper Corp Insider Activity 3 Filing - 8/16/2012
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Title |  Date |  Author |  Collection |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Title |  Date |  Company |  Symbol |  Interest |  Popularity

Previous: XNYS:WPP Wausau Paper Corp Insider Activity 3 Filing - 4/19/2012  |  Next: XNYS:WPP Wausau Paper Corp Insider Activity 3 Filing - 9/4/2012