In re Cyprus AMAX Minerals Company Shareholders Litigation

Chimicles & Tikellis LLP is one of lead counsel who represented the public shareholders of Cyprus Amax alleging breach of fiduciary duties by the Cyprus Amax Board in connection with an agreement to merge with Asarco Inc. and the out of hand rejection of a superior proposal to acquire Cyprus Amax by Phelps Dodge. After expedited discovery and a court hearing to consider an application for injunctive relief relating to a contractual provision which limited Cyprus Amax’s ability to talk with Phelps Dodge concerning its proposal, Cyprus-Amax determined to abandon its proposed merger with Asarco and agreed to be acquired by Phelps Dodge for greater consideration.