Watch out, Carl
Icahn! Steve Cohen’s SAC Capital is encroaching on your turf. Cohen’s $14 billion Stamford, Conn.,
hedge-fund giant is venturing into the activist-investing waters where Icahn
swims, The Post has learned.
The move is being spearheaded by SAC portfolio manager David
Rosen, who has been butting heads with Spokane, Wash.-based Clearwater Paper
Corp. since May, sources said. In May, Rosen penned a letter to Clearwater
Chairman and CEO Gordon Jones calling the stock “deeply undervalued.”
Last week, SAC, which has a 7.1 percent stake
in the papermaker, proposed to Clearwater’s board that the company split itself
in two and consider selling one or both parts.
People familiar with Rosen’s plans say Clearwater won’t be
the last, and that Rosen and SAC analyst Shoney Katz are scouting out more
opportunities to make money through corporate cage-rattling. The duo hopes to eventually employ tactics
such as waging board proxy contests, according to another person familiar with
Rosen’s plans.
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