May 8, 2013 / 10:16 PM / in 5 years

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.

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