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Plains holders should vote against Freeport deal -proxy firm ISS
May 7, 2013 / 2:11 PM / in 5 years

Plains holders should vote against Freeport deal -proxy firm ISS

May 7 (Reuters) - 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.”

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