Key Developments: McMoRan Exploration Co (MMR)
16.75USD
17 May 2013
$0.01 (+0.06%)
$16.74
$16.75
$16.79
$16.66
1,389,370
1,053,153
$16.87
$7.25
Latest Key Developments (Source: Significant Developments)
McMoRan Exploration Co Declares Quarterly Cash Dividends On Preferred Stocks
McMoRan Exploration Co announced that it has declared a cash dividends payable on May 15, 2013 to holders of record as of May 1, 2013 on its preferred stocks: $14.375 per share of MMR`s 5 3/4% Convertible Perpetual Preferred Stock. $20.00 per share of MMR`s 8% Convertible Perpetual Preferred Stock. Full Article
McMoRan Exploration Co Declares Quarterly Cash Dividends on Preferred Stocks
McMoRan Exploration Co announced that it declared the following cash dividends payable on February 15, 2013 to holders of record as of February 1, 2013 on its preferred stocks: $14.375 per share of MMR`s 5¾% Convertible Perpetual Preferred Stock. $20.00 per share of MMR`s 8% Convertible Perpetual Preferred Stock. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of McMoRan Exploration Co
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of McMoRan Exploration Co relating to the proposed acquisition by Freeport-McMoRan Copper & Gold, Inc. (Freeport). Under the terms of the transaction, McMoRan shareholders will receive only $14.75 in cash and 1.15 units of a royalty trust holding %5 overriding royalty interest in future production from McMoRan's existing ultra-deep exploration properties for each share of McMoRan stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of McMoRan for not acting in the Company's shareholders' best interests in connection with the sale process to Freeport. The transaction may undervalue the Company and will not result in a gain for many McMoRan shareholders. For example McMoRan stock traded at $18.66 on June 29, 2011 and an analyst has set a $21.00 per share price target for McMoRan stock. In addition, Freeport offer price may reflect the reported short term difficulties McMoRan may be having obtaining a production flow test from its deep natural gas well in the Gulf of Mexico. Full Article
Morgan & Morgan P.C. Announces Investigation of McMoRan Exploration Co and Plains Exploration & Production Co
Morgan & Morgan announced that it has commenced an investigation into possible breaches of fiduciary duty by members of the boards of directors of McMoRan Exploration Co (McMoRan) and Plains Exploration & Production Co (Plains Exploration) in connection with those companies' proposed acquisitions by Freeport-McMoRan Copper & Gold Inc ( Freeport ). 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. Full Article
WeissLaw LLP Investigates McMoRan Exploration Co Acquisition
WeissLaw LLP, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, announced that it is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of McMoRan Exploration Co arising from its agreement for McMoRan to be acquired by Freeport-McMoRan Copper & Gold Inc., in a transaction valued at approximately $3.4 billion. Under the terms of the proposed acquisition McMoRan shareholders will receive $14.75 in cash and 1.15 units of a royalty trust holding a 5% overriding royalty interest in future production from McMoRan’s existing ultra-deep exploration properties, for each McMoRan share they own. WeissLaw LLP is investigating whether McMoRan’s Board acted in the best interests of its public shareholders by actively shopping the Company to maximize shareholder value for McMoRan’s public shareholders, prior to entering into the proposed acquisition with Freeport. Additionally, at least one analyst set a price target for McMoRan stock at $21.00 per share. Full Article
Brannon Law Firm, L.L.C. Announces Investigation Of Buyout of McMoRan Exploration Co By Freeport-McMoRanCopper & Gold, Inc.
Brannon Law Firm, L.L.C. announced that it is commencing an investigation into the Board of Directors of McMoRan Exploration Co. (MMR) to determine whether it has breached its fiduciary duties and other possible violations of state law in connection with the sale of MMR to Freeport-McMoRan Copper & Gold, Inc. (FCX). The transaction values MMR at $3.4 billion in cash. Under the terms of the transaction, MMR shareholders will receive $14.75 in cash and 1.15 units of a royalty trust for each share they hold; the trust will hold a 5% royalty interest in future production from MMR`s ultra-deep exploration properties. The investigation is focused on the potential unfairness of the consideration to MMR shareholders and whether MMR`s Board of Directors acted in the shareholders` best interest and properly shopped the company before entering into the acquisition agreement with Freeport-McMoRan Copper & Gold, Inc. Full Article
Ryan & Maniskas, LLP Announces Investigation of McMoRan Exploration Co
Ryan & Maniskas, LLP announced that it is investigating potential claims against the Board of Directors of McMoRan Exploration Co (MMR or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Freeport-McMoRan Copper & Gold Inc. (FCX) in a transaction valued at approximately $3.4 billion. Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's Board of Directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of MMR. Under the terms of the proposal, public shareholders of MMR will receive $14.75 in cash and 1.15 units of a royalty trust, which will hold a 5 percent overriding royalty interest in future production from MMR's existing ultra-deep exploration properties, for each share of MMR they own. Full Article
Law Firm of Levi & Korsinsky, LLP Announces Investigation Of McMoRan Exploration Co
Levi & Korsinsky announced that it is investigating the Board of Directors of McMoRan Exploration Co. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Freeport-McMoRan Copper & Gold Inc. Under the terms of the transaction, MMR shareholders will receive $14.75 in cash and 1.15 units of a royalty trust for each share they hold; the 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 in cash. At least one analyst set a price target for MMR stock at $21.00 per share. Full Article
Law Firm Johnson & Weaver, LLP Announces Investigation of Fairness of McMoRan Exploration Co's Proposed Acquisition by Freeport-McMoRan
Shareholder Rights Law Firm Johnson & Weaver, LLP announced that it is investigating whether members of the Boards of Directors of Plains Exploration & Production Co (Plains) and McMoRan Exploration Co (McMoRan) breached their fiduciary duties in connection with those companies' proposed acquisitions by Freeport-McMoRan Copper & Gold Inc. (Freeport). 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. Freeport's share price, however, declined over 15% on the announcement, immediately reducing the value of the merger to Plains shareholders to below $47 per share. That price is far below what it should be. At least one stock analyst has set a $78 price target for Plains shares. 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 any production from McMoRan's future deepwater exploration sites. Full Article
Pomerantz Law Firm Investigates Claims on Behalf of Investors of McMoRan Exploration Co
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it is investigating claims on behalf of investors of McMoRan Exploration Co (McMoRan Exploration or the Company) concerning the proposed acquisition of McMoRan Exploration by Freeport-McMoRan Copper & Gold Inc. in a transaction valued at approximately $3.4 billion in cash. The investigation concerns whether the McMoRan Exploration directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, McMoRan Exploration shareholders will be entitled to receive $14.75 per share and would also receive 1.15 units of a royalty trust for each share they hold. However, analysts' estimates had a target price of $21.00. Full Article
Freeport-McMoran has $7 bln debt financing to fund energy deals
* Funds to be used to help fund oil and gas takeover deals
Earnings vs. 
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