UPDATE 1-Canada's Legacy Oil + Gas targeted by activist shareholder

April 20, 2015 10:01 PM

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CALGARY, Alberta, April 20 (Reuters) - Intermediate producer Legacy Oil + Gas Inc formed a special committee on Monday to deal with hedge fund FrontFour Capital's move to gain seats on its board, the first major case of shareholder activism in Canada's oil patch since last year's sharp drop in crude prices.

Calgary-based Legacy, which has assets in southern Alberta and light oil operations in the Bakken region of southern Saskatchewan, came under scrutiny last month after legal documents showed it was back-stopping a loan for Chief Executive Officer Trent Yanko.

Also read: GE in talks to buy oilfield services provider Baker Hughes: WSJ

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