Hedge fund SAC opposes Freeport-PD deal

Dec 12, 2006 | 08:19 AM | Sean Barry

Hedge fund SAC Capital Advisors LLC, which holds a 5.1-percent stake in Phelps Dodge Corp., plans to vote against a takeover offer for the copper producer by Freeport-McMoRan Copper & Gold Inc.

Freeport's $25.9-billion friendly offer for Phelps is too low and would deprive shareholders of their ability to maximize the return on their investment, SAC Capital said in a U.S. Securities and Exchange Commission filing Monday.....

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