
Martin Midstream Partners will continue operating as a standalone publicly traded company. (Source: Shutterstock/ Martin Midstream Partners)
Martin Midstream Partners LP (MMLP) has decided to discontinue its plans to merge with Martin Resource Management Corp. following shareholder opposition, the company said Dec. 26.
Martin Resource Management would have acquired all outstanding common units of Martin Midstream Partners as part of the proposed $132 million deal. The planned merger, first announced Oct. 3, was terminated by mutual written consent from both parties. The dissolution of the deal was approved by the conflicts committee of general partner Martin Midstream GP LLC’s board of directors.
Martin Midstream Partners will continue operating as a standalone publicly traded company.
The merger had faced pushback from certain unitholding entities. Nut Tree Capital Management and Caspian Capital sent a letter to unitholders in December arguing that the merger undervalued Martin Midstream. The proposed deal valued MMLP at $4.02 per common unit.
In response, proxy advisory firm Glass Lewis argued that shareholders should approve the deal, calling it an “attractive exit valuation.”
RELATED
Firms Take Fight Against $132MM Martin Midstream Merger
Glass Lewis Backs Martin Midstream in Ongoing Merger Fight
“We appreciate the feedback we have received from unitholders during our extensive outreach and engagement over the last several weeks,” said Robert Bondurant, president and CEO of Martin Midstream Partners, in the announcement of the deal’s termination. “We greatly value unitholders’ perspectives and are pleased that unitholders have confidence in the future of MMLP as a standalone company. We will continue to focus on executing our long-term strategy, including strengthening the balance sheet through debt reduction and improving operating results, to create value for unitholders.”
A special meeting of unitholders scheduled for Dec. 30 has been cancelled. The proposals posed by MMLP’s definitive proxy statement filed with the Securities and Exchange Commission on Nov. 27 have been withdrawn from consideration.
Recommended Reading
Comstock Doubling Rigs as Western Haynesville Mega-Wells’ Cost Falls to $27MM
2025-02-19 - Operator Comstock Resources is ramping to four rigs in its half-million-net-acre, deep-gas play north of Houston where its wells IP as much as 40 MMcf/d. The oldest one has produced 18.4 Bcf in its first 33 months.
EDP Renewables Brings Mississippi Solar Park Online with Amazon as Buyer
2025-02-19 - The project marks EDP Renewables North America’s second utility-scale project in Mississippi.
Energy Transfer Announces $3B Senior Notes Offering
2025-02-19 - Midstream company Energy Transfer plans to use the proceeds from its $3 billion offering of senior notes to refinance existing debts and for general partnership purposes.
Energy Careers Platform Offering Free Access to Job Seekers
2025-02-19 - Ally Energy and Parallel say their new energy industry hiring platform has advantages for both job seekers and hiring companies.
Transocean President, COO to Assume CEO Position in 2Q25
2025-02-19 - Transocean Ltd. announced a CEO succession plan on Feb. 18 in which President and COO Keelan Adamson will take the reins of the company as its chief executive in the second quarter of 2025.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.