Martin Midstream falls after ending buyout deal with Martin Resource

Martin Midstream Partners LP

27/12/2024 15:41

** Natgas distribution firm Martin Midstream Partners'
 MMLP.O  shares fall ~6% to $3.78
    ** Co on Thursday said it will terminate its previously
announced sale to its largest shareholder Martin Resource
Management Corp
    ** Shares lowest since Oct 3. when agreement was first
announced
    ** Martin Resource was set to pay $4.02 per MMLP unit in
cash. But the agreement was opposed by hedge funds who said the
offer undervalued MMLP
    ** Hedge funds Nut Tree Capital Management and Caspian
Capital had made a competing bid to buy MMLP for $4.50 per unit
earlier this year
    ** Including session's moves, stock is up 57.3% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))