Martin Midstream, Martin Resource Management Call Off Merger After Unitholder Pushback
(P&GJ) — Martin Midstream Partners L.P. has announced the termination of its merger agreement with Martin Resource Management Corp. Under the agreement, MRMC would have acquired all outstanding common units of MMLP not already owned by MRMC and its subsidiaries.
The decision to terminate the merger agreement, originally announced on October 3, 2024, was made by mutual consent between MRMC and MMLP, with approval from the Conflicts Committee of MMLP’s General Partner Board. As a result, MMLP will continue operating as a standalone publicly traded company.
Additionally, MMLP has canceled its special meeting of unitholders, which was scheduled for December 30, 2024. The meeting was intended to address proposals outlined in MMLP’s proxy statement filed with the SEC on November 27, 2024.
“We appreciate the feedback we have received from unitholders during our extensive outreach and engagement over the last several weeks," said Bob Bondurant, President and CEO of Martin Midstream’s General Partner. "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.”
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