Key Developments: Plains Exploration & Production Co (PXP)
48.95USD
23 May 2013
$-0.01 (-0.02%)
$48.96
$48.91
$49.01
$48.91
1,424,311
3,078,295
$49.12
$30.12
Latest Key Developments (Source: Significant Developments)
Plains Exploration & Production Co To Declare Special $3.00 Per Share Dividend
Plains Exploration & Production Co announced that it has received the approval of Freeport-McMoRan Copper & Gold Inc. under the merger agreement between the companies for PXP's Board of Directors to declare a special one-time cash dividend of $3.00 per share. Upon receipt of bank waivers under a credit facility that will terminate in connection with the merger, PXP's Board of Directors intends to declare the dividend to PXP stockholders as of May 30, 2013, the expected dividend record date. The dividend will be conditioned upon and paid immediately prior to the completion of PXP's merger with Freeport-McMoRan Copper & Gold Inc. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Plains Exploration & Production Co Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Plains Exploration & Production Co (PXP or the Company) regarding possible breaches of fiduciary duties and other violations of law related to the Company`s entry into an agreement to be acquired by Freeport-McMoRan Copper & Gold Inc. (FCX) in a transaction valued at approximately $6.9 billion. 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
Briscoe Law and Powers Taylor Investigate Sale Of Plains Exploration & Production Co to Freeport-McMoRan Copper & Gold
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating the sale of Plains Exploration & Production Co (Plains) to Freeport-McMoRan Copper & Gold, Inc. (FCX) for shareholders. Under the terms of the proposed deal valued at $6.9 billion in cash and stock, Plains shareholders will only receive approximately $50.00 in total consideration consisting of 0.6531 of FCX common stock and $25.00 in cash for each share of Plains stock owned, well below at least one analyst's estimated value of $78.00 per share. The Plains sale investigation centers on whether Plains's shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Plains's stock, and whether Plains's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, at least one analyst with Yahoo! Finance has estimated that the true inherent value of Plains' stock could be as high as $78.00 per share. Full Article
Ryan & Maniskas, LLP Announces Investigation of Plains Exploration & Production Co
Ryan & Maniskas, LLP announced that it is investigating potential claims against the Board of Directors of Plains Exploration & Production Co (PXP 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 $6.9 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 PXP. Under the terms of the transaction, PXP shareholders will receive 0.6531 shares of FCX common stock and $25.00 in cash for each share of PXP stock they own, representing a total consideration of $50.00 per PXP share. Full Article
Law Firm of Levi & Korsinsky, LLP Announces Investigation Of Plains Exploration & Production Co
Levi & Korsinsky announced that it is investigating the Board of Directors of Plains Exploration & Production 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, PXP shareholders will receive 0.6531 shares of FCX common stock and $25.00 in cash for each share of PXP stock they own, representing a total consideration of $50.00 per PXP share. At least one analyst set a price target for PXP stock at $78.00 per share. Full Article
Law Firm Johnson & Weaver, LLP Announces Investigation of Fairness of Plains Exploration & Production 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
Law Firm Brower Piven Announces Investigation of Plains Exploration & Production Co
The securities litigation firm of Brower Piven, A Professional Corporation, announced that it has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Plains Exploration & Production Co (Plains or the Company) and other violations of state law by the board of directors of Plains relating to the proposed acquisition of the Company by Freeport-McMoRan Copper & Gold Inc. (Freeport). The firm's investigation seeks to determine, among other things, whether the board of directors of Plains breached their fiduciary duties by failing to maximize shareholder value. According to a joint press release, Plains shareholders will receive 0.6531 shares of Freeport common stock and $25 in cash for each outstanding share of common stock they own, equivalent to $50 per share, based on Freeport's December 4, 2012 closing price, or a total deal value of $6.9 billion. According to Yahoo! Finance, the median analyst price target is $51 per Plains share and the high price target is $78 per share. Full Article
Pomerantz Law Firm Investigates Claims on Behalf of Investors of Plains Exploration & Production Co
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it is investigating claims on behalf of investors of Plains Exploration & Production Co (Plains Exploration or the Company) concerning the proposed acquisition of Plains Exploration by Freeport-McMoRan Copper & Gold Inc. in a transaction valued at approximately $6.9 billion in cash. The investigation concerns whether the Plains Exploration directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Plains Exploration shareholders will be entitled to receive $25.00 per share in cash and 0.6531 shares of common stock for each Plains Exploration share, currently valued at $50.00 per share. However, analysts' estimates had target prices of $60.00 to $70.00 per share. Full Article
Tripp Levy PLLC Investigates Potential Claims Against Boards Of Directors Of Freeport-McMoRan Copper & Gold Inc, McMoRan Exploration Co, and Plains Exploration & Production Co
Tripp Levy PLLC, national securities law firm, announced that it is investigating potential claims against the Boards of Directors of Freeport-McMoRan Copper & Gold Inc ( Freeport ), McMoRan Exploration Co (McMoRan), and Plains Exploration & Production Co (Plains) concerning Freeport 's proposed acquisitions of McMoRan and Plains. On December 5, 2012 , Freeport announced that it had entered into two definitive merger agreements to acquire McMoRan and Plains in transactions collectively valued at approximately $9 billion . Under the terms of each agreement, McMoRan shareholders will receive $14.75 in cash and 1.15 units of a royalty trust, which will hold a 5% royalty interest in future production from McMoRan's existing ultra-deep exploration properties, per share of McMoRan stock owned. Plains shareholders will receive $25.00 in cash and 0.6531 shares of Freeport common stock, equivalent to $50.00 per share, based on Freeport 's December 4, 2012 closing price, per share of Plains stock owned. The investigation concerns whether the Boards of Directors of Freeport , McMoRan, and Plains have engaged in self-dealing and have failed to act in the best interests of their respective shareholders in breach of their fiduciary duties. Full Article
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