Martin Midstream Partners (MMLP) said Tuesday it is reaffirming its commitment to its pending transaction with Martin Resource Management.
Martin Midstream said it issued the statement in response to the press release that Nut Tree Capital Management and Caspian Capital issued earlier on Tuesday.
Nut Tree and Caspian said they intend to oppose the proposed sale of Martin Midstream to Martin Resource for $4.02 per Martin Midstream common unit not already owned by Martin Resource as it "significantly undervalues" Martin Midstream and its prospects.
Martin Midstream said the proposals from Nut Tree and Caspian failed to demonstrate a feasible alternative and were based on the assumption of purchasing Martin Midstream GP, the general partner of Martin Midstream, which is not for sale.
Martin Midstream said the deal "provides an attractive premium valuation" to its unitholders.
"We look forward to engaging with unitholders as we work toward completing the transaction by the end of 2024," Martin Midstream said.
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