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Nut Tree and Caspian Believe Proposed Sale Significantly Undervalues MMLP
and its Future Prospects
Nut Tree and Caspian Intend to File a Proxy Statement and Solicit Proxies
to Vote "AGAINST" the Proposed Sale
Nut Tree and Caspian Launch www.ProtectMMLPValue.com
NEW YORK, Oct. 22, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), today announced that they intend to oppose the proposed sale of Martin Midstream Partners L.P. ("MMLP" or the "Company") (NASDAQ:MMLP) to Martin Resource Management Corporation ("MRMC"), an affiliate of the Company's General Partner, for $4.02 per MMLP common unit not already owned by MRMC. Nut Tree and Caspian have combined economic exposure in the Company of approximately 13.2% of the outstanding common units through certain cash-settled derivative agreements and are aligned with MMLP unitholders who are unaffiliated with MRMC in seeking to protect the long-term value of the Company.
Nut Tree and Caspian believe that the proposed sale price significantly undervalues the Company and its prospects, and that if the merger is completed on its current terms, MRMC will receive significant upside for itself that rightfully belongs to all MMLP unitholders. Nut Tree and Caspian intend to file a proxy statement with the Securities and Exchange Commission and solicit votes "AGAINST" the proposed transaction at the Company's upcoming special meeting to be held to approve the related merger agreement.
Additional information can be found at www.ProtectMMLPValue.com.
Posted In: MMLP
