Bernstein Liebhard LLP Announces Investigation Of
Freeport-McMoRan's Acquisition Of Plains Exploration &
Production Company And McMoRan Exploration Co.
NEW YORK, Dec. 6, 2012
/PRNewswire/ -- Bernstein Liebhard LLP is investigating whether the
Board of Directors of Freeport-McMoRan Copper & Gold Inc.
("Freeport") (NYSE: FCX) breached
its fiduciary duty to its shareholders in agreeing to buy Plains
Exploration & Production Company ("Plains") (NYSE: PXP) and
McMoRan Exploration Co. ("MMR") (collectively, the
"Acquisitions").
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Under the terms of the agreements: (i) Plains shareholders
will receive 0.6531 shares of Freeport common stock and
$25.00 in cash, equivalent to total
consideration of $50.00 per Plains
share, based on the closing price of Freeport stock on December 4, 2012; and (ii) MMR shareholders will
receive $14.75 in cash and 1.15 units
of a royalty trust, which will hold a 5 percent overriding royalty
interest in future production from MMR's existing ultra-deep
exploration properties for each share they own.
The investigation is focused on whether (i) the Freeport board is overpaying in connection
with the Acquisitions; (ii) the process by which the Freeport board considered and approved the
transactions; and (iii) possible conflicts of interest concerning
(a) Freeport's Chairman of the
Board James Moffett, who is also co-Chairman of MMR; and (b)
Plains' Chairman of the Board, James
Flores, who also sits on MMR's Board.
If you are interested in discussing your rights as a
Freeport stockholder, with no
obligation or cost to you, please contact Joseph R. Seidman, Jr. at:
(877) 779-1414
or
seidman@bernlieb.com
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs'
Hot List" in each of the last ten years.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP. The
law firm responsible for this advertisement is Bernstein Liebhard
LLP, 10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for
this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
SOURCE Bernstein Liebhard LLP