Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Fairness of Plains Exploration & Production Co.’s Proposed Acquisition by Freeport-McMoRan Business Wire SAN DIEGO -- December 05, 2012 Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the boards of directors of Plains Exploration & Production Co. (“Plains”) (NYSE: PXP) and McMoRan Exploration Co. (“McMoRan”) (NYSE: MMR) breached their fiduciary duties in connection with those companies’ proposed acquisitions by Freeport-McMoRan Copper & Gold Inc. (“Freeport”) (NYSE: FCX). On December 5, 2012, Freeport announced that it had entered into definitive merger agreements to acquire Plains, as well as the outstanding shares of McMoRan Exploration Co. (“McMoRan”). Plains is the largest shareholder of McMoRan, currently owning 31.5% of McMoRan’s stock. For each share of Plains stock, Plains shareholders will receive $25.00 in cash and 0.6531 shares of Freeport common stock, which was equivalent to $50.00 per share based on Freeport’s December 4, 2012 closing price. Freeport’s share price, however, declined over 15% on the announcement, immediately reducing the value of the merger to Plains shareholders to below $47 per share. That price is far below what it should be. At least one stock analyst has set a $78 price target for Plains shares. McMoRan shareholders will receive for each share of McMoRan stock, $14.75 in cash and 1.15 units of a royalty trust which will receive a 5% royalty interest in any production from McMoRan’s future deepwater exploration sites. “The executives at the acquired companies appear to be getting large paydays if this deal goes through, but the shareholders do not get the same kind of preferential treatment,” said Frank Johnson of Johnson & Weaver, LLP. “Therefore, the boards may have conferred benefits on management at the expense of the shareholders.” If you have any questions about your rights or what benefits you may be entitled to obtain, please contact Frank Johnson or David Elliot. Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Contact: Johnson & Weaver, LLP 619-230-0063 Frank Johnson, email@example.com David Elliot, firstname.lastname@example.org
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Fairness of Plains Exploration & Production Co.’s
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