The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of McMoRan Exploration Company (“McMoRan” or the “Company”) (NYSE: MMR) and other violations of state law by the board of directors of McMoRan 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 McMoRan’s board of directors breached their fiduciary duties by failing to maximize shareholder value.
According to a joint press release, holders of outstanding shares of McMoRan common stock will receive $14.75 in cash and a distribution of units in a royalty trust, which will hold a 5% royalty interest in future production from McMoRan’s existing shallow water ultra-deep exploration properties. The cash portion of the transaction is currently being valued at $2.1 billion, net of 36% of McMoRan interests currently held by Freeport and Plains Exploration & Production Company. According to Yahoo! Finance, the median analyst price target is $15 per McMoRan share and the high price target is $21 per share. McMoRan shares have also traded above $14 as early as August 2012.
If you currently own common stock of McMoRan 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.