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LGCY > SEC Filings for LGCY > Form 8-K on 24-Jun-2009All Recent SEC Filings

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Form 8-K for LEGACY RESERVES LP


24-Jun-2009

Other Events


Item 8.01. Other Events.

Legacy Reserves LP announced today that its Conflicts Committee, after careful review of the Proposal Letter from Apollo Management VII, LP ("Apollo Management") received on April 3, 2009 (see Legacy Reserves LP's Current Report of Form 8-K filed on such date) and subsequent negotiations relating to the Proposal Letter, has determined that it is in the best interest of the unitholders of Legacy Reserves LP ("Legacy") to terminate discussions with Apollo Management.

The Conflicts Committee, composed of the independent members of the board of directors of the general partner of Legacy, has fully evaluated and considered in detail the Proposal with the assistance of Tudor, Pickering, Holt & Co., L.L.C., its independent financial advisor, and Richards, Layton & Finger, P.A., its independent legal advisor. The Conflicts Committee also engaged in negotiations with Apollo Management but was unable to reach agreement. Therefore, the Conflicts Committee has determined that it is in the best interest of Legacy's unitholders to terminate further discussions with Apollo Management, and the Conflicts Committee has notified Apollo Management of its decision.

A copy of the press release announcing the Conflicts Committee's decision is being filed herewith as Exhibit 99.1.

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