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Plains Exploration & Production Company Message Board

  • lo_octane lo_octane Dec 10, 2012 9:32 AM Flag

    The deal is NOT for $50 cash

    Read it carefully, folks. The deal is for $25 cash plus .6531 shares of Freeport common stock. That could be somewhat less than 50 bucks, depending on the price of Freeport.
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    Plains Exploration (PXP) Merger Summary
    On December 5, 2012, Plains Exploration & Production (PXP) board of directors approved its sale to Freeport-McMoRan Copper & Gold Inc. (FCX). Plains Exploration shareholders will receive roughly $50 in cash and FCX stock for each share of PXP stock they own. Under the terms of the merger, each PXP share will convert to 0.6531 shares of Freeport common stock and $25.00 in cash. The announced deal values Plains Exploration at $6.9 billion.

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