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”).
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:
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.
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SOURCE Bernstein Liebhard LLP