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Nut Tree and Caspian Offer Represents a 31% Premium – and a Highly Compelling Alternative – to Martin Resource Management Corporation's Below Market and Conflict-Ridden Proposal
Nut Tree and Caspian Are Making Offer Public After Conflicts Committee of the Board of Martin Midstream's General Partner Has Refused to Engage
Nut Tree and Caspian Have Advisors in Place and Are Prepared to Commence Expedited Due Diligence; Offer is Not Subject to a Financing Condition
Nut Tree and Caspian Will Consider all Available Alternatives if Conflicts Committee Refuses to Meaningfully Engage
NEW YORK, July 11, 2024 /PRNewswire/ -- Nut Tree Capital Management LP ("Nut Tree") and Caspian Capital LP ("Caspian"), today announced they sent a letter to the Conflicts Committee of the Board of Directors (the "Committee") of Martin Midstream GP LLC (the "General Partner") in which Nut Tree and Caspian reiterated their non-binding proposal made on June 21, 2024 to acquire Martin Midstream Partners L.P. (NASDAQ:MMLP) ("MMLP") for $4.00 per MMLP common unit in cash (the "Proposal").
The Proposal represents a 31% premium over the $3.05 per common unit offer made by Martin Resource Management Corporation ("MRMC") on May 24, 2024, and 23% over the closing price of the common units on July 9, 2024.
Posted In: MMLP
