By Sabela Ojea
Shares of Martin Midstream Partners climbed in post-market trading after the company said it is selling itself to Martin Resource Management at a premium price.
The stock was up 10% to $3.06. Through Thursday's close, shares have surged 50% since the beginning of the year.
The natural gas distribution company said Martin Resource will acquire all of its outstanding common units it doesn't already own in an all-cash transaction.
Martin Resource will pay $4.02 per unit, representing a 34% premium to Martin Midstream Partners' closing price prior to the company's initial proposal, made on May 24.
The deal is expected to close by the end of the year.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 03, 2024 17:29 ET (21:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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