Martin Midstream says Glass Lewis recommends investors vote for MRMC deal

Martin Midstream Partners (MMLP) L.P. announced that independent proxy advisory firm Glass Lewis & Co. has joined Institutional Shareholder Services in recommending 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 18, 2024, Glass Lewis stated: “…we believe the Conflicts Committee undertook a reasonably comprehensive review of all available and actionable strategic alternatives, successfully negotiating a meaningful increase in the merger consideration offered by Parent. In light of the findings from the financial advisors’ valuation analyses of the Company, as well as our review of the Company’s relative performance to its peers, we believe the merger consideration represents an attractive exit valuation and premium for the Company’s unaffiliated unitholders.” and “…we recognize that the only available and viable alternatives for the Company were to either negotiate a going-private transaction with Parent or to continue on a standalone basis.” Commenting on the recommendation, MMLP issued the following statement: “We are pleased that Glass Lewis has joined leading independent proxy advisory firm Institutional Shareholder Services Inc. in supporting 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. The Glass Lewis report further validates MMLP’s position that the MRMC transaction maximizes value for and is in the best interests of unitholders, including unaffiliated unitholders, by delivering immediate, certain, premium value to unitholders. Glass Lewis’ report notes the robust review process undertaken by the independent Conflicts Committee and the significant downside risks associated with continuing to operate as a standalone public company. Glass Lewis also highlights the inaccurate and misleading statements made by Nut Tree and Caspian, and the fact that they are not MMLP unitholders.”