Morgan & Morgan P.C. Announces Investigation of McMoRan Exploration Co. (MMR)
and Plains Exploration & Production Co. (PXP)
NEW YORK, Dec. 7, 2012
NEW YORK, Dec. 7, 2012 /PRNewswire/ -- Morgan & Morgan has commenced an
investigation into possible breaches of fiduciary duty by members of the
boards of directors of McMoRan Exploration Co. ("McMoRan") (MMR) and Plains
Exploration & Production Co. ("Plains Exploration") (PXP) in connection with
those companies' proposed acquisitions by Freeport-McMoRan Copper & Gold Inc.
If you are a MMR shareholder and want to learn more about our McMoRan takeover
investigation or if you are a PXP shareholder and want to learn more about our
Plains Exploration takeover investigation, contact George Pressly, Esq. at
Morgan & Morgan at 1 (800) 631-6234 or via email email@example.com.
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.
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 future production from McMoRan's existing ultra-deep exploration
properties. At least one analyst has set a $21 price target for McMoRan
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
securities law, the firm also practices in the areas of antitrust, personal
injury, consumer protection, overtime, and product liability. All of the
Firm's legal endeavors are rooted in its core mission: provide investor and
consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.
Morgan & Morgan
5 Penn Plaza
New York, NY 10001
Peter Safirstein, Esq.
1 (800) 631-6234
SOURCE Morgan & Morgan
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