By Ben Glickman
Martin Midstream Partners said it terminated an agreement to be acquired by Martin Resource Management, a minority shareholder.
The Kilgore, Texas, company said the deal was terminated by mutual written consent. The company also cancelled its special meeting of unitholders, scheduled for Dec. 30, at which they would vote on whether to approve the merger.
Martin Midstream Partners Chief Executive Bob Bondurant said the company appreciated feedback from unitholders and was pleased that they were confident in the company's future as a standalone entity. Martin Midstream will continue to operate as a publicly traded company.
The deal was initially announced in October. Martin Resource currently holds about 16% of Martin Midstream's outstanding shares.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 26, 2024 16:18 ET (21:18 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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