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. ("
), McMoRan Exploration Co. ("McMoRan") (
), and Plains Exploration & Production Co. ("Plains") (
's proposed acquisitions of McMoRan and Plains.
December 5, 2012
announced that it had entered into two definitive merger agreements to acquire McMoRan and Plains in transactions collectively valued at approximately
. Under the terms of each agreement, McMoRan shareholders will receive
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
in cash and 0.6531 shares of Freeport common stock, equivalent to
per share, based on
December 4, 2012
closing price, per share of Plains stock owned.
The investigation concerns whether the Boards of Directors of
, 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.
serves as Chairman of
's Board and as Co-Chairman of McMoRan's Board, as well as McMoRan's President and Chief Executive Officer.
serves as Co-Chairman of McMoRan's Board and as a director on
's Board, as well as
's President and Chief Executive. In addition,
H. Devon Graham
serve as directors on the Boards of both
and McMoRan. The Boards of Directors of
, 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