San Diego, CA -- (SBWIRE) -- 12/10/2012 -- An investigation on behalf of investors in Plains Exploration & Production Company (NYSE:PXP) shares was announced concerning whether the offer by Freeport-McMoRan Copper & Gold Inc. to acquire Plains Exploration & Production Company for $50 per NYSE:PXP share and the takeover process are unfair to investors in NYSE:PXP shares.

Investors who purchased shares of Plains Exploration & Production Company (NYSE:PXP) prior to December 5, 2012, and currently hold any of those NYSE:PXP shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Plains Exploration & Production Company breached their fiduciary duties owed NYSE:PXP investors in connection with the proposed acquisition.

On December 5, 2012 – Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Plains Exploration & Production Company (NYSE: PXP) and McMoRan Exploration Co. (NYSE: MMR) announced that they have signed definitive merger agreements under which Freeport-McMoRan Copper & Gold Inc will acquire Plains Exploration & Production Company for approximately $6.9 billion in cash and stock and Freeport-McMoRan Copper & Gold Inc. will acquire McMoRan Exploration Co. for approximately $3.4 billion in cash.

Under the terms of the proposed transaction Freeport-McMoRan Copper & Gold Inc. has agreed to acquire Plains Exploration & Production Company for per-share consideration consisting of 0.6531 shares of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) common stock and $25.00 in cash, equivalent to total consideration of $50.00 per Plains Exploration & Production Company (NYSE: PXP) share, based on the closing price of NYSE:FCX stock on December 4, 2012.

Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production Company said that this represents a premium of 39 percent to the Plains Exploration & Production Company closing price on December4, 2012, and 42 percent to its one-month average price at that date.

However, at least one analyst has set the high target price for NYSE:PXP shares at $78.00. Furthermore, Plains Exploration & Production has performed well for its investors in the past. In fact, its annual Revenue rose from over $1.54 billion in 2010 to over $1.95 billion in 2011 and its Net Income for the respective time periods increased from $103.27 million to $205.28 million. In addition shares of Plains Exploration & Production Company (NYSE:PXP) grew from as low as $15.88 per share in March 2009 to as high as $46.50 per share in February 2012.

Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:PXP stockholders. Specifically, the investigation focuses on whether the Plains Exploration & Production Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Those who are current investors in Plains Exploration & Production Company (NYSE:PXP), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com