This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Management Buyout Of McMoRan - Tripp Levy PLLC Seeks A Higher Price For Shareholders

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 Plains.

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 duties.

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 McMoRan stock.

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 contact@tripplevy.com

 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs