Legacy Reserves LP (LGCY) Receives $14/Share Going Private Proposal From Apollo Management VII
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Legacy Reserves LP (Nasdaq: LGCY) received a proposal from Apollo Management VII, LP to acquire all of the outstanding units of Legacy Reserves LP at a cash purchase price of $14.00 per unit, subject to adjustment for any distributions paid to the partnership's limited partners.
In its proposal Apollo Management states that it plans that Legacy's management and employees will remain in place following the proposed transaction. Further, Apollo Management states that Cary D. Brown, Legacy's Chairman and Chief Executive Officer, and his senior management team has informed Apollo Management that if the Board of Directors approves the transaction, they expect to support the approved transaction and invest with Apollo Management in the acquisition of the partnership. Mr. Brown and his senior management team currently own approximately 21% of Legacy's outstanding units.
It is anticipated that the Conflicts Committee of the Board of Directors will consider the proposal. In reviewing the proposal, the Conflicts Committee will retain its own financial advisor and independent legal counsel to assist in its work.
In its proposal Apollo Management states that it plans that Legacy's management and employees will remain in place following the proposed transaction. Further, Apollo Management states that Cary D. Brown, Legacy's Chairman and Chief Executive Officer, and his senior management team has informed Apollo Management that if the Board of Directors approves the transaction, they expect to support the approved transaction and invest with Apollo Management in the acquisition of the partnership. Mr. Brown and his senior management team currently own approximately 21% of Legacy's outstanding units.
It is anticipated that the Conflicts Committee of the Board of Directors will consider the proposal. In reviewing the proposal, the Conflicts Committee will retain its own financial advisor and independent legal counsel to assist in its work.
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