McMoRan Exploration (MMR) Takeover Shareholder Lawsuit
McMoRan Exploration (MMR) Buyout Summary
On December 5, 2012, McMoRan Exploration (MMR) board of directors approved its sale to Freeport-McMoRan Copper & Gold Inc. McMoRan Exploration shareholders will receive $14.75 in cash and 1.15 units of a royalty trust for each share they hold. The royalty trust will hold a 5% royalty interest in future production from MMR exploration properties in ultra-deepwater territories. The transaction values MMR at $3.4 billion.
McMoRan Exploration (MMR) Takeover Announcement Raises Questions For MMR Shareholders.
The MMR buyout values each share of MMR stock at $14.75 in cash plus the 1.15 trust unit. Is this fair? A fair question given that at least one wall street analyst set a price target for MMR stock at $21.00 per share.
Has the MMR board of directors breached their fiduciary duties to MMR stockholders by failing to adequately shop McMoRan Exploration before entering into the this deal with Freeport?
Are all parties to the transaction operating at arms length?
McMoRan Exploration (MMR) Buyout Shareholder Lawsuit
We are investigating whether the proposed transaction is fair to McMoRan Exploration (MMR) shareholders. The investigation concerns whether MMR’s board of directors’ process for consideration of the proposed transaction was adequate, whether MMR is acting in its shareholders’ best interests and whether the proposed share price to be paid to MMR shareholders is fair and adequate. If you own the common stock of McMoRan Exploration and if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please fill out the contact form on this web page or call Attorney George Pressly at Morgan & Morgan toll free at 1 (800) 631-6234.
MMR Shareholder Submission Form