Wall Street hedge fund SAC Capital is pressing Spokane-based Clearwater Paper to split its operations in two so one or both can be sold.
Cohen's SAC Capital Advisors met with Clearwater's directors Thursday to urge they split the company and "pursue the divestiture of one or both businesses to one or more strategic and/or financial buyers," the SAC filing says.
The fund also proposed hiring an investment bank to identify potential buyers, and expanding the six-member board with two new independent directors.
SAC -- among the biggest and most successful hedge funds -- owns 1.6 million shares, or 7.1 percent, of Clearwater's stock.
Clearwater calls itself the largest producer of tissue paper for private-label brands sold by grocery, drug, mass merchants and discount stores, and is a leading producer of bleached paperboard used in food packaging and commercial printing. It has 15 manufacturing plants in the U.S. and Canada, and reported second-quarter net income of $21.5 million on sales of $473 million.
The company, created in 2008 as a spinoff of the non-timber operations of Potlatch, has 3,700 employees.