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
George Pressly, Esq.
at Morgan & Morgan at 1 (800) 631-6234 or via email
December 5, 2012
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
in cash and 0.6531 shares of Freeport common stock, which was equivalent to
per share based on
December 4, 2012
McMoRan shareholders will receive for each share of McMoRan stock,
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
price target for McMoRan shares.
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