Plains Shareholders Can't Block $6.9B Freeport Buy

Law360, Wilmington (May 9, 2013, 8:12 PM EDT) -- A Delaware Chancery judge on Thursday stymied an attempt by Plains Exploration & Production Co. shareholders to hold up Freeport-McMoRan Copper & Gold Inc.'s proposed $6.9 billion buyout of the energy exploration firm, denying the investors' motion for a preliminary injunction.

The Plains shareholders in the consolidated class action contend that the deal is inadequate and had moved to enjoin the transaction until its alleged shortcomings could be corrected, but Vice Chancellor John W. Noble found their pleadings fell short of the high bar set required...
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