BUZZ-Martin Midstream falls after ending buyout deal with Martin Resource

Reuters
2024-12-27

** Natgas distribution firm Martin Midstream Partners'

shares fall ~6% to $3.78

** Co on Thursday said it will terminate its previously announced sale to its largest shareholder Martin Resource Management Corp

** Shares lowest since Oct 3. when agreement was first announced

** Martin Resource was set to pay $4.02 per MMLP unit in cash. But the agreement was opposed by hedge funds who said the offer undervalued MMLP

** Hedge funds Nut Tree Capital Management and Caspian Capital had made a competing bid to buy MMLP for $4.50 per unit earlier this year

** Including session's moves, stock is up 57.3% YTD

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))

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