By Connor Hart
Martin Resource Management will acquire Martin Midstream Partners.
The companies on Thursday said they entered a definitive agreement in which Martin Resource will acquire all of the outstanding common units of Martin Midstream it doesn't already own.
In the all-cash transaction, Martin Resource will pay $4.02 per unit, representing a 34% premium to the market's closing price prior to the company's initial proposal, made on May 24, and an 11% premium to the trailing 30-trading day volume-weighted average price.
The deal is expected to close by the end of the year.
Martin Resource expects to fund the purchase and related transaction costs through its existing cash on hand, cash flow available prior to the closing of the transaction, borrowings under its existing credit facility and $5 million in loans from certain members of its management team.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 03, 2024 16:35 ET (20:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。