Freeport-McMoRan Copper & Gold Inc. (FCX), which is expected to complete its acquisition of Plains Exploration & Production Company (PXP) or PXP by month-end, Thursday said PXP stockholders electing to receive FCX common stock will receive shares of FCX common stock at an exchange ratio of about 1.4302 shares of FCX common stock for each share of PXP common stock.
Announcing the final allocation of the merger consideration to be paid in connection with the deal, Freeport said PXP stockholders electing to receive cash will receive $46.01 in cash for each share of PXP common stock.
PXP stockholders who did not make a valid election or did not deliver a valid election form before the election deadline will receive approximately 99.5 percent of their merger consideration in cash equal to $46.01 for each share of PXP common stock.
The remainder of their merger consideration will be received in shares of FCX common stock at an exchange ratio of around 1.4302 shares of FCX common stock for each share of PXP common stock.
This allocation was determined based on an FCX stock price of $32.17 per share, which is the average of the closing prices of FCX common stock for the ten trading days immediately preceding the date, which is five trading days immediately before the completion of the merger.
The acquisition was approved by PXP stockholders on May 20, 2013 and is currently expected to be completed on May 31.
Under the terms of the merger agreement, PXP stockholders were entitled to elect to receive, for each share of PXP common stock held, either cash or shares of FCX common stock with a value equal to the sum of 0.6531 shares of FCX common stock and $25.00, subject to proration if cash is oversubscribed or undersubscribed.
As of the election deadline, approximately 29.1 percent of the outstanding shares of PXP common stock and equity awards entitled to receive the merger consideration elected to receive cash. Around 45.5 percent elected to receive FCX common stock and the remaining about 25.4 percent did not make a valid election or did not deliver a valid election form prior to the election deadline.
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