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Clearwater Should Ready Tissue, Pulp Units for Sale, SAC Says

Clearwater Paper Corp. should separate the company’s tissue and pulp units for a possible sale, SAC Capital Advisors LP, the hedge fund run by Steven Cohen, said.

Clearwater should separate the consumer products unit, which makes tissue, from the pulp and paperboard unit so that it can sell one or both of the businesses, Stamford, Connecticut-based SAC said today in a regulatory filing. SAC also proposed that Spokane, Washington-based Clearwater hire an investment bank to advise on divestitures and add two independent directors to the six-member board.

SAC told Clearwater’s board in a May 1 letter that the stock is “deeply undervalued,” partly because litigation and a tissue acquisition were causing uncertainty. Clearwater is worth $43 to $67 a share when the two businesses are evaluated separately, SAC said in the letter. SAC holds 1.64 million Clearwater shares representing 7.1 percent of outstanding stock, it said.

Matt Van Vleet, a Clearwater spokesman, didn’t immediately return a phone message seeking comment after regular business hours.

Clearwater rose 0.4 percent to $36.66 at the close in New York.

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