SAC Capital Tells Clearwater Paper To Split Its Businesses

Shareholder activism comes to the fore at Clearwater Paper Corp (NYSE:CLW), with a disclosure by Steven A Cohen’s hedge fund, SAC Capital, that it owned 1.64 million shares in the company, a 7.2% stake, and that:

“On August 16, 2012, a representative of SAC proposed to the Board that it: (i) initiate the separation of the Issuer’s Consumer Products business from its Pulp and Paperboard business, to enable the Issuer to pursue the divestiture of one or both businesses to one or more strategic and/or financial buyers; (ii) engage an investment banking firm to advise on the feasibility...