UPDATE 1-Legacy Reserves gets going-private proposal

* Says board's conflicts committee to consider proposal

* CEO says will back deal if board approves

* Apollo to retain management, employees post buyout April 3 (Reuters) - Independent oil and gas company Legacy Reserves LP (LGCY.O) said it has received a going-private acquisition bid from private equity firm Apollo Management LP.

Apollo bid for all outstanding units of the company at $14 per unit, a 40 percent premium to Legacy's Friday close on Nasdaq.

The deal is valued at $435 million, based on the number of units outstanding as of March 5. Apollo has offered to retain Legacy's management and employees post the takeover, the company said.

Chief Executive Cary Brown said that if Legacy's board approves the deal, he and his senior management team will support it and invest with Apollo in the acquisition.

Brown and his senior management currently own about 21 percent of Legacy's outstanding units, the company said.

Apollo did a number of deals during the private equity boom and has investments in companies including gaming firm Harrah's Entertainment Inc, Claire's Stores and real estate company Realogy.

Units of Legacy closed at $10.03 Friday on Nasdaq.

For the alerts, double-click. [ID:nWNAB0789] (Reporting by Shradhha Sharma in Bangalore; Editing by Ratul Ray Chaudhuri)