BALA CYNWYD, Pa., Dec. 7, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of McMoRan Exploration Co. ("McMoRan" or the "Company") (NYSE: MMR) relating to the proposed acquisition by Freeport-McMoRan Copper & Gold, Inc. (" Freeport").
Under the terms of the transaction, McMoRan shareholders will receive only $14.75 in cash and 1.15 units of a royalty trust holding %5 overriding royalty interest in future production from McMoRan's existing ultra-deep exploration properties for each share of McMoRan stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of McMoRan for not acting in the Company's shareholders' best interests in connection with the sale process to Freeport.
The transaction may undervalue the Company and will not result in a gain for many McMoRan shareholders. For example McMoRan stock traded at $18.66 on June 29, 2011 and an analyst has set a $21.00 per share price target for McMoRan stock. In addition, Freeport offer price may reflect the reported short term difficulties McMoRan may be having obtaining a production flow test from its deep natural gas well in the Gulf of Mexico.
If you own shares of McMoRan stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com visiting http://brodsky-smith.com/515-mmr-mcmoran-exploration-co.html, by calling toll free 877-LEGAL-90.SOURCE Brodsky & Smith, LLC
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV