Martin Midstream climbs on buyout deal

Martin Midstream Partners LP

04/10/2024 14:19

** Shares of Martin Midstream Partners  MMLP.O  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))