Apollo wants to take Legacy Reserves private

By Lisa Kerner

Charlotte, N.C., April 3 - Legacy Reserves LP said the board of directors of its general partner acknowledged the receipt of a going-private proposal from Apollo Management VII, LP.

Apollo said it wants to acquire all of the outstanding units of Legacy Reserves for $14 in cash per unit, subject to adjustment.

Under the proposal, Legacy Reserves' management and employees would remain in place following the transaction.

Cary D. Brown, Legacy Reserves chairman and chief executive officer, and his senior management team are expected to support the transaction and invest with Apollo Management in the acquisition of the partnership.

Brown and the senior management team currently own approximately 21% of Legacy Reserves' outstanding units.

Legacy Reserves is a Midland, Texas-based oil and natural gas limited partnership.

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