http://stockmarketbeat.com/blog1/2006/07/12/not-so-fast-phelps/ Our beat: The stock market. Our job: Beat it. Tue, 06 Jan 2009 08:23:07 +0000 http://wordpress.org/?v=2.2.1 http://stockmarketbeat.com/blog1/2006/07/12/not-so-fast-phelps/#comment-5969 Stock Market Beat » Blog Archive » The Hunter (Phelps Dodge) Becomes the Hunted Mon, 20 Nov 2006 16:08:14 +0000 http://stockmarketbeat.com/blog1/2006/07/12/not-so-fast-phelps/#comment-5969 [...] The Hunter (Phelps Dodge) Becomes the Hunted As Bill Cara predicted several months ago, Phelps Dodge’s (PD) bid for Inco and Falconbridge has been thwarted, and has now become dinner rather than diner. Smaller Rival in Agreement to Acquire Copper Giant - New York Times: Phelps Dodge, the world’s second-largest copper producer, will be acquired by Freeport-McMoRan Copper and Gold, a smaller rival that has been embroiled in environmental and human rights controversies, in a cash and stock deal worth $25.9 billion, the companies said yesterday. The boards of both companies have approved the transaction. Under its terms, stockholders in Phelps Dodge will receive $88 a share in cash plus 0.67 of a Freeport-McMoRan share. Based on Friday’s closing, the deal is offering Phelps Dodge shareholders a 33 percent premium. Freeport-McMoRan, which has a market capitalization of $11.3 billion compared with Phelps Dodge’s value of $19.4 billion, will finance the transactions by borrowing about $17.5 billion. Freeport said it expected the deal would be accretive to the combined company’s earnings per share and cash flow immediately. [...] […] The Hunter (Phelps Dodge) Becomes the Hunted As Bill Cara predicted several months ago, Phelps Dodge’s (PD) bid for Inco and Falconbridge has been thwarted, and has now become dinner rather than diner. Smaller Rival in Agreement to Acquire Copper Giant - New York Times: Phelps Dodge, the world’s second-largest copper producer, will be acquired by Freeport-McMoRan Copper and Gold, a smaller rival that has been embroiled in environmental and human rights controversies, in a cash and stock deal worth $25.9 billion, the companies said yesterday. The boards of both companies have approved the transaction. Under its terms, stockholders in Phelps Dodge will receive $88 a share in cash plus 0.67 of a Freeport-McMoRan share. Based on Friday’s closing, the deal is offering Phelps Dodge shareholders a 33 percent premium. Freeport-McMoRan, which has a market capitalization of $11.3 billion compared with Phelps Dodge’s value of $19.4 billion, will finance the transactions by borrowing about $17.5 billion. Freeport said it expected the deal would be accretive to the combined company’s earnings per share and cash flow immediately. […]

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