Management Buyout Of McMoRan - Tripp Levy PLLC Seeks A Higher Price
For Shareholders
NEW YORK, Dec. 5, 2012 /PRNewswire/ -- Tripp Levy PLLC, a
leading national securities law firm, is investigating potential
claims against the Boards of Directors of Freeport-McMoRan Copper
& Gold Inc. ("Freeport")
(FCX), McMoRan Exploration Co. ("McMoRan") (MMR), and Plains
Exploration & Production Co. ("Plains") (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.
The 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.
If you are a shareholder of McMoRan and would like to learn more
about your rights and interests please contact us toll free at
877-772-3975 or email at contact@tripplevy.com
SOURCE Tripp Levy, PLLC