Martin Midstream Partners L.P. (MMLP) announced on December 26, 2024, the mutual termination of its previously announced merger agreement with Martin Resource Management Corporation (MRMC). The agreement, dated October 3, 2024, would have seen MRMC acquire all outstanding common units of MMLP not already owned by MRMC and its subsidiaries.
As a result of the termination, MMLP has canceled the special meeting of unitholders that was scheduled for December 30, 2024. MMLP will now continue to operate as a standalone publicly traded company, reversing the strategic direction set by the merger announcement.
Bob Bondurant, President and Chief Executive Officer of MMLP's General Partner, stated that the decision followed extensive feedback and engagement with unitholders. He affirmed that management appreciates unitholders' confidence in MMLP's future as a standalone entity and will focus on executing its long-term strategy, including debt reduction and improving operating results to create value.
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