WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of McMoRan Exploration Co. (“MMR” or the “Company”) (NYSE: MMR) 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”) (NYSE: FCX) in a transaction valued at approximately $3.4 billion.
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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.
The investigation concerns whether MMR’s board of directors failed to adequately shop the Company and obtain the best possible value for MMR’s shareholders before entering into an agreement with FCX. According to Yahoo! Finance, at least one analyst has set a price target for MMR stock at $21.00 per share.
If you own the common stock of MMR and purchased your shares before December 5, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/mcmoran-exploration-co-mmr.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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