Friday, 22 May 2015
Last updated 8 hours ago
Aug 22 2012 | 1:52pm ET
SAC Capital Advisors isn't known as an activist hedge fund. But the industry giant is sharpening its claws for a fight with Clearwater Paper.
SAC, which owns 7.1% of Clearwater, is pushing the company to split in twain and sell one—or both—businesses. The hedge fund also wants Clearwater to add two members to its board of directors and to hire an investment bank to explore options.
The $14 billion hedge fund warned Clearwater in May that it was "deeply undervalued." Now, it's told the company how it wants it to fix the problems, according to a regulatory filing.
SAC wants Clearwater to "initiate the separation" of its consumer products and its pulp and paperboard businesses.
"Clearwater Paper has had an open dialogue with SAC and continues to carefully analyze its proposals," Matt Van Vleet, a Clearwater spokesman, said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…