Leading independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co. both recommended that Martin Midstream Partners L.P. (MMLP) unitholders vote 'FOR' the pending transaction with Martin Resource Management Corporation (MRMC). ISS, in its report dated December 16, 2024, highlighted the immediate, certain, and premium value delivered through the transaction.
Glass Lewis, in its report dated December 18, 2024, further validated the merger by noting the robust review process undertaken by the independent Conflicts Committee and the significant downside risks associated with MMLP continuing to operate as a standalone public company. These recommendations provide strong institutional backing for the proposed acquisition.
Despite these endorsements, Nut Tree Capital Management and Caspian Capital continued their campaign against the merger, sending a letter to unitholders on December 16, 2024. They reiterated their belief that the merger is value-destructive and urged unitholders to vote 'AGAINST' the proposal, citing undervaluation and conflicts of interest.
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