Martin Midstream Partners (MMLP) said Thursday it has agreed that Martin Resource Management will acquire all of its remaining outstanding shares in an all-cash deal for $4.02 per common unit.
The company said that as part of the deal, which will likely close by the end of 2024, Martin Resource Management will buy all of its shares that it does not already own. The deal represents a 34% premium to Martin Midstream's market closing price on May 24.
Martin Resource plans to finance the merger using existing cash reserves and loans from its management team.
The company's shares were up nearly 10% in recent after-market activity.
Price: 3.9600, Change: +0.36, Percent Change: +10.00
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