|[December 06, 2012]
Plains Exploration & Production Investor Alert: Briscoe Law and Powers Taylor Investigate Sale to Freeport-McMoRan Copper & Gold
DALLAS --(Business Wire)--
Former United States Securities and Exchange Commission attorney Willie
Briscoe and the securities litigation firm of Powers
Taylor, LLP are investigating the sale of Plains Exploration &
Production Company ("Plains") (NYSE: PXP) 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
If you are anaffected investor, and you want to learn more about the
lawsuit or join the action, contact Patrick Powers at Powers Taylor,
LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org,
or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via
email at WBriscoe@TheBriscoeLawFirm.com.
There is no cost or fee to you.
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. According to shareholder rights
attorney Patrick Powers, "Due to analysts' estimates, the size of the
deal and other factors, we believe that this transaction may undervalue
Plains stock. Our lawsuit will seek to obtain the highest share price
for all shareholders."
Briscoe Law Firm, PLLC is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of experience
in complex litigation and transactional matters.
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
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