Tiger Brokers

BUZZ-Martin Midstream climbs on buyout deal

Reuters
Oct 04, 2024

** Shares of Martin Midstream Partners up 9.2% premarket to $3.93 after announcing acquisition by Martin Resource Management

** Nat gas distribution firm late Thurs said Martin Resource to acquire all of its outstanding common units it doesn't already own

** Martin Resource to pay $4.02/unit, representing 34% premium to MMLP's closing price prior to co's initial offer, made on May 24

** Martin Resource, supplier of products and services to drilling rig contractors, owns ~15.7% stake in MMLP, per LSEG data

** MMLP has 39 mln shares outstanding

** Stock closed on Thurs at $3.60, up 50% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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