Caspian Capital Issues Statement on Martin Midstream Partners L.P.

Rhea-AI Summary

Caspian Capital LP has released a statement regarding Martin Midstream Partners L.P. (NASDAQ: MMLP), expressing support for MMLP's December 26th decision to terminate its merger agreement with Martin Resource Management

Caspian maintains their belief in MMLP's potential valuation being significantly higher than the previously proposed merger purchase price. The firm has discontinued its acquisition efforts, ended collaboration with Nut Tree Capital Management L.P., and currently has no plans for company control.

Moving forward, Caspian will focus on monitoring MMLP's execution, capital allocation, and engaging with the company to maximize unitholder value as a standalone public entity.

Positive

• Termination of potentially undervalued merger agreement
• Company maintains public listing status
• Strong investor confidence in standalone value creation potential

Negative

• None.

NEW YORK, March 11, 2025 /PRNewswire/ -- Caspian Capital L.P. ("Caspian", "we" or "our") today issued the following statement regarding Martin Midstream Partners L.P. (NASDAQ: MMLP) ("MMLP" or the "Company"):

"We welcomed MMLP's December 26th announcement of the termination of its merger agreement with Martin Resource Management Corporation, and its recognition that unitholders are confident in the value that can be created for unitholders by MMLP continuing to operate as a public, standalone company. We continue to be strong believers in MMLP, and to stand by the potential valuation analyses that we laid out in detail in our prior letters, which are well in excess of the purchase price offered by Martin Resource Management Corporation in the proposed merger. We are gratified that common unitholders will be able to realize the benefit of near- and medium-term developments that we believe will drive value. As a result, we have moved on from our prior efforts to acquire the Company, have ended our work with Nut Tree Capital Management L.P., and have no current plans relating to the control of the Company. We remain focused on monitoring the Company's execution and capital allocation, and engaging with the Company on its efforts to maximize value creation for unitholders as a standalone company."

About Caspian Capital LP
Caspian Capital LP's absolute return strategy was founded in 1997 and is focused on performing, stressed, distressed corporate credit, and value equities. Caspian currently oversees $4.7 billion in assets under management.

Media Contacts
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170

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SOURCE Caspian Capital LP

FAQ

Why did Martin Midstream Partners (MMLP) terminate its merger agreement with Martin Resource Management ?

MMLP terminated the merger agreement on December 26th as unitholders showed confidence in the company's ability to create more value as a standalone public entity.

What is Caspian Capital's current position regarding MMLP acquisition?

Caspian Capital has ended its acquisition efforts, terminated work with Nut Tree Capital Management, and has no current plans to control MMLP.

How does Caspian Capital view MMLP's potential valuation?

Caspian believes MMLP's potential valuation is well above the purchase price offered in the previously proposed merger with Martin Resource Management

What is Caspian Capital's future strategy regarding MMLP?

Caspian will focus on monitoring MMLP's execution, capital allocation, and engage with the company to maximize unitholder value as a standalone entity.