Nut Tree, Caspian Reiterate Non-binding $4 /unit Cash Offer To Acquire Martin Midstream

(RTTNews) - Nut Tree Capital Management LP and Caspian Capital LP announced on Thursday that they have sent a letter to the Conflicts Committee of the Board of Martin Midstream Partners GP, reiterating a non-binding proposal to acquire Martin Midstream Partners L.P. or MMLP for $4.00 per MMLP common unit in cash. The original offer was made on June 21, 2024,

Nut Tree and Caspian's offer represents a 31 percent premium over the $3.05 per common unit bid put forth by Martin Resource Management Corp. or MRMC on May 24, 2024, as well as a 23 percent increase over the closing price of the common units on July 9, 2024. The Proposal is not contingent on any financing condition and would be funded through existing capital.

Jed Nussbaum, Chief Investment Officer of Nut Tree, and David Corleto, Partner at Caspian said that the Conflicts Committee has so far declined to meet with them to discuss the merits of their proposal. Instead, they were informed that the committee would only engage if the General Partner backed their proposal, a condition they consider highly unusual given the close ties between MRMC, the General Partner, and MMLP.