Martin Midstream Partners (MMLP) will continue to operate as a stand-alone entity after the company said Thursday it was mutually terminating its proposed merger with general partner Martin Resource Management.

Martin Resource Management had proposed to acquire all remaining outstanding shares of Martin Midstream for $4.02 per unit in an all-cash deal, representing a 34% premium to Martin Midstream's market closing price on May 24. However, the proposed merger agreement was mutually terminated, and Martin Midstream will remain a publicly traded company.

Martin Midstream also announced the cancellation of its special meeting of unitholders scheduled for Dec. 30 and the withdrawal from consideration by its unitholders of the proposals outlined in its definitive proxy statement filed with the Securities and Exchange Commission.

Martin Midstream shares were slipping nearly 5% in Thursday's extended session.