WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Plains Exploration & Production Company (“PXP” or the “Company”) (NYSE: PXP) 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 $6.9 billion.
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Under the terms of the proposal, public shareholders of PXP will receive $25.00 in cash and 0.6531 shares of FCX for each share of PXP they own. Based on FCX’s closing stock price of $38.28 on December 4, 2012, PXP shareholders would have received consideration valued at approximately $50.00 per share. However, since that announcement, FCX’s stock has traded as low as $30.54 – dropping PXP shareholders’ potential consideration to as low as $44.95 – over $30.00 below a price target set by an analyst, as reported by Yahoo! Finance.
The investigation concerns whether PXP’s board of directors failed to adequately shop the Company and obtain the best possible value for PXP’s shareholders before entering into an agreement with FCX.
If you own the common stock of PXP 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/plains-exploration-production-company-pxp.
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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