Newman Ferrara LLP Announces Investigation of Freeport-McMoRan Copper & Gold Inc., McMoRan Exploration Co., & Plains Explorat...
05 Dezember 2012 - 6:07PM
Business Wire
Newman Ferrara LLP is investigating potential claims against the
Boards of Directors of Freeport-McMoRan Copper & Gold Inc.
(“Freeport”) (NYSE: FCX), McMoRan Exploration Co. (“McMoRan”)
(NYSE: MMR), and Plains Exploration & Production Co. (“Plains”)
(NYSE: PXP) concerning Freeport’s proposed acquisitions of McMoRan
and Plains.
On December 5, 2012, Freeport announced that it had entered into
two definitive merger agreements to acquire McMoRan and Plains in
transactions collectively valued at approximately $9 billion. Under
the terms of each agreement, McMoRan shareholders will receive
$14.75 in cash and 1.15 units of a royalty trust, which will hold a
5% royalty interest in future production from McMoRan’s existing
ultra-deep exploration properties, per share of McMoRan stock
owned. Plains shareholders will receive $25.00 in cash and 0.6531
shares of Freeport common stock, equivalent to $50.00 per share,
based on Freeport’s December 4, 2012 closing price, per share of
Plains stock owned.
Newman Ferrara LLP’s investigation concerns whether the Boards
of Directors of Freeport, McMoRan, and Plains have engaged in
self-dealing and have failed to act in the best interests of their
respective shareholders in breach of their fiduciary duties.
James Moffett serves as Chairman of Freeport’s Board and as
Co-Chairman of McMoRan’s Board, as well as McMoRan’s President and
Chief Executive Officer. Richard Adkerson serves as Co-Chairman of
McMoRan’s Board and as a director on Freeport’s Board, as well as
Freeport’s President and Chief Executive. In addition, Robert Day,
Gerald Ford, and H. Devon Graham serve as directors on the Boards
of both Freeport and McMoRan. The Boards of Directors of Freeport,
McMoRan, and Plains have unanimously approved their respective
deals. Moreover, Plains is the largest shareholder of McMoRan,
owning 31.5% of McMoRan stock.
Concerned shareholders are encouraged to contact Newman Ferrara
attorney Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to
discuss this investigation, their rights, or potential
remedies.
Newman Ferrara maintains a multifaceted practice based in New
York City with attorneys specializing in complex commercial and
multi-party litigation, securities fraud and shareholder
litigation, consumer protection, civil rights, and real estate. For
more information, please visit the firm website at
www.nfllp.com.
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