NEW YORK, 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. ("Freeport") (FCX).
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, contact George Pressly, Esq. at Morgan & Morgan at 1 (800) 631-6234 or via email firstname.lastname@example.org.
On December 5, 2012, Freeport 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 $25.00 in cash and 0.6531 shares of Freeport common stock, which was equivalent to $50.00 per share based on Freeport's December 4, 2012 closing price.
McMoRan shareholders will receive for each share of McMoRan stock, $14.75 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 $21 price target for McMoRan shares.
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