Martin Midstream Partners (MMLP) was higher more than 3% on Tuesday, after activist investor Caspian Capital said is ending its bid to acquire the petroleum terminal and storage company.
Caspian previously led investor opposition to Martin Midstream's proposed acquisition by Martin Resource Management, the company's general partner, arguing the $4.02-per-unit buyout offer significantly undervalued Martin Midstream.
The companies ended their merger efforts on Dec. 26.
Together with Nut Tree Capital Management, Caspian had made a run at acquiring Martin Midstream, offering $4.50 per unit in July.
Caspian said Tuesday it was satisfied with Martin Midstream's effort to increase investor value as a stand-alone company.
Price: 3.75, Change: +0.12, Percent Change: +3.31
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