Martin Midstream Partners L.P. (MMLP) announced on December 2, 2024, the filing of a definitive proxy statement with the U.S. Securities and Exchange Commission concerning Martin Resource Management Corporation’s (MRMC) acquisition of MMLP's outstanding common units. A special meeting of unitholders is scheduled for December 30, 2024, at 10:00 a.m. CT, where unitholders will vote on the all-cash merger transaction at $4.02 per common unit.
The Conflicts Committee and the Board of Directors of MMLP's General Partner unanimously recommend that unitholders vote 'FOR' the transaction. They emphasize that the $4.02 per unit price delivers a 34.00% premium to the market closing price prior to MRMC’s initial proposal on May 24, 2024, and nearly a dollar more per unit than MRMC’s initial offer.
Concurrently, Nut Tree Capital Management and Caspian Capital filed their own definitive proxy materials, urging MMLP unitholders to vote 'AGAINST' the merger. They argue that MMLP is worth significantly more than the $4.02 per unit offered and that the merger is an insider-led deal based on flawed financial analysis, threatening to transfer value from unitholders to company insiders.
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