Glass Lewis comes out against Freeport deal
May 8 (Reuters) - Proxy advisory firm Glass Lewis & Co is recommending that its clients vote against Freeport-McMoRan Copper & Gold Inc's acquisition of Plains Exploration & Production Co.
In a report released on Wednesday, the firm argued that the deal offers "little to no current premium" for Plains shareholders. A decline in Freeport's share price has cut down the value of the deal, announced in December.
Rival proxy adviser ISS has also recommended that shareholders vote no, and CR Intrinsic, a unit of hedge fund SAC Capital Advisors, has said it plans to vote against the deal.
- Judge rejects strict limits on U.S. nurse who treated Ebola patients |
- Test flight of Virgin Galactic spaceship ends in fatal crash in California
- Suspect in Pennsylvania police ambush denied bail |
- Dow, S&P 500 end at record highs; BoJ move adds fuel to rally |
- Judge issues order enforcing Ebola isolation of defiant Maine nurse