Management Buyout Of McMoRan - Tripp Levy PLLC Seeks A Higher Price For
NEW YORK, Dec. 5, 2012
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
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
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
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
SOURCE Tripp Levy, PLLC
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