Martin Midstream Partners L.P. (MMLP) announced on October 3, 2024, that it has entered into a definitive merger agreement with Martin Resource Management Corporation (MRMC). Under the terms of the agreement, MRMC will acquire all outstanding common units of MMLP not already owned by MRMC and its subsidiaries for $4.02 per common unit in an all-cash transaction.
This acquisition price represents a 34.00% premium to MMLP's market closing price prior to MRMC’s initial proposal on May 24, 2024. It also reflects an 11.33% premium to the trailing 30-trading day volume-weighted average price as of October 3, 2024. The Conflicts Committee of MMLP's General Partner Board, consisting of independent directors, unanimously approved the transaction after an extensive review.
The transaction is anticipated to close by the end of 2024, pending customary closing conditions, including regulatory approval and the approval by a majority of MMLP's outstanding common units. MRMC and its affiliates, who collectively own approximately 26% of the outstanding common units, have committed to vote their units in favor of the merger.
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