(Reuters LTD) In an article published in Reuters, Hedge fund and activist shareholder FrontFour Capital Corp said on Tuesday it plans to vote against the proposed sale of troubled Canadian producer Legacy Oil + Gas to Crescent Point Energy Corp .
Connecticut-based FrontFour owns 6.8 percent of outstanding Legacy shares and said in April it planned to nominate three directors to the debt-ridden company’s board.
Crescent Point, Canada’s No. 4 independent oil and gas producer, agreed to acquire Legacy for shares and debt in a deal valued at C$1.53 billion.
Crescent Point offered 0.095 of its own shares for each Legacy share, but the value of Crescent Point shares has since fallen from C$29.82 on May 26 when the deal was announced to C$27.13 on Tuesday, pushing the offer down to C$2.58 per Legacy share.
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