Plains Exploration (PXP) Takeover Shareholder Lawsuit
Plains Exploration (PXP) Merger Summary
On December 5, 2012, Plains Exploration & Production (PXP) board of directors approved its sale to Freeport-McMoRan Copper & Gold Inc. (FCX). Plains Exploration shareholders will receive roughly $50 in cash and FCX stock for each share of PXP stock they own. Under the terms of the merger, each PXP share will convert to 0.6531 shares of Freeport common stock and $25.00 in cash. The announced deal values Plains Exploration at $6.9 billion.
Plains Exploration Takeover Announcement Raises Questions For PXP Shareholders.
The PXP buyout values each share of PXP stock at $50.. Is this fair? A good question given that at least one wall street analyst set a price target for PXP stock at $78.00 per share.
Has the PXP board of directors breached their fiduciary duties to PXP stockholders by failing to adequately shop Plains Exploration before entering into the this deal with Freeport?
Are all parties to the transaction operating at arms length?
Plains Exploration (PXP) Buyout Shareholder Lawsuit
We are investigating whether the proposed transaction is fair to Plains Exploration shareholders. The investigation concerns whether PXP’s board of directors’ process for consideration of the proposed transaction was adequate, whether PXP is acting in its shareholders’ best interests and whether the proposed share price to be paid to PXP shareholders is fair and adequate. If you own the common stock of Plains 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.
PXP Shareholder Submission Form