Martin Midstream Partners says ISS recommends investors vote for MRMC deal

Martin Midstream Partners (MMLP) L.P. announced that independent proxy advisory firm Institutional Shareholder Services recommends that unitholders vote “FOR” the pending transaction with Martin Resource Management Corporation in advance of the upcoming MMLP Special Meeting of unitholders, which is scheduled for December 30, 2024. In its report dated December 16, 2024, ISS stated: “MMLP remains a micro-cap stock with limited trading liquidity and there is uncertainty inherent in the company’s go-forward plan. Comparatively, the transaction provides certainty of value and immediate liquidity, and there is a potential downside risk of non-approval given outperformance against the broader market. In light of the premium being offered, the certainty of value and immediate liquidity from the cash consideration, and the potential downside risk of non-approval, support for the proposed transaction is warranted.” “The proposed transaction presents shareholders with a meaningful premium at a price which the company has not traded at for more than two years. Further, the implied valuation of the offer validates the premium, and appears in-line with the company historic valuation relative to the broader MLP market.” MMLP issued the following statement: “We are pleased that ISS supports the unanimous recommendation of the Conflicts Committee and Board of Directors of MMLP’s General Partner that unitholders vote ‘FOR’ the pending transaction with MRMC, which validates MMLP’s position that the MRMC transaction maximizes value for and is in the best interests of MMLP and unitholders, including unaffiliated unitholders. ISS’s report highlights the extensive review process led by the Conflicts Committee, and recognizes that the transaction delivers a significant premium, certain cash value and immediate liquidity to unitholders.”