FrontFour Capital Opposing Legacy Oil + Gas Buyout
FrontFour Capital, the activist involved with the Canadian oil company, Legacy Oil + Gas is voting against the buyout of Crescent Point Energy. In part, it doesn't like the deal structure - i.e. stock swap given Crescent's stock price.
Since the deal was announced, Crescent's stock price has gone from C$30 to C$27.
FrontFour notes: “In light of the structure of the transaction and current trading price of Crescent Point shares, we cannot support the plan of arrangement as proposed."
The vote is set for June 30.