Freeport's $9B Bid For Plains Draws More Investor Opposition

Law360, San Francisco (May 6, 2013, 7:56 PM EDT) -- Another Plains Exploration & Production Co. shareholder said Monday it would vote against Freeport-McMoRan Copper & Gold Inc.'s $9 billion proposed acquisition of the petroleum company because the price was too low, voicing its dissent to a deal that has already attracted litigation in Delaware.

CR Intrinsic Investors said in a letter to Plains Exploration's board of directors that the proposed deal, which would convert each share of Plains Exploration to $25 cash and about 0.65 Freeport shares, "materially undervalues the company." Since the proposed deal was...
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