On December 11, 2024, Martin Midstream Partners L.P. (MMLP) filed an investor presentation with the SEC, asserting that the pending transaction with Martin Resource Management Corporation (MRMC) maximizes value for unitholders. The presentation highlights the transaction as the culmination of an extensive review process and the best available alternative, with no expectation of near-term increases in distributions if MMLP were to remain a standalone entity.
In contrast, Nut Tree Capital Management and Caspian Capital released their own investor presentation on December 10, 2024, urging unitholders to vote 'AGAINST' the merger. They detailed why MRMC's $4.02 per common unit price significantly undervalues MMLP, citing deeply flawed valuation methodologies and major conflicts of interest.
The opposing shareholders' presentation also outlined MMLP's future prospects as a publicly traded MLP, suggesting a path to superior value creation and imminent significant future distributions if the company remains independent. These conflicting presentations underscore the contentious nature of the proposed merger ahead of the special unitholder meeting.
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