The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Plains Exploration & Production Company (“Plains” or the “Company”) (NYSE: PXP) and other violations of state law by the board of directors of Plains relating to the proposed acquisition of the Company by Freeport-McMoRan Copper & Gold Inc. (“Freeport”). The firm’s investigation seeks to determine, among other things, whether the board of directors of Plains breached their fiduciary duties by failing to maximize shareholder value.
According to a joint press release, Plains shareholders will receive 0.6531 shares of Freeport common stock and $25 in cash for each outstanding share of common stock they own, equivalent to $50 per share, based on Freeport’s December 4, 2012 closing price, or a total deal value of $6.9 billion. According to Yahoo! Finance, the median analyst price target is $51 per Plains share and the high price target is $78 per share.
If you currently own common stock of Plains and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.