May 7 Proxy advisory firm ISS said Plains
Exploration & Production Co shareholders should vote
against the proposed takeover of the oil and gas company by
Freeport-McMoRan Copper & Gold Inc, arguing that the
mining company's more than $6 billion bid is too low.
"Even at the announcement day valuation of $49.55, the
transaction would offer little or no takeover premium to the
current stand-alone value," ISS said in its report. "The decline
in FCX shares, which has eroded the market value of the merger
consideration to just $44.53 - below the low end of our
valuation range - only exacerbates the dissonance."