Marine Products trust converts 219K shares in merger
Marine Products Group, LLC reported that the Gary W. Rollins Revocable Trust, a more than 10% owner, completed an "other" restructuring transaction involving 219,149 shares of Marine Products common stock.
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Form Type
4
Rhea-AI Filing Summary
Marine Products Group, LLC reported that the Gary W. Rollins Revocable Trust, a more than 10% owner, completed an "other" restructuring transaction involving 219,149 shares of Marine Products common stock. Under a merger agreement with MasterCraft Boat Holdings, each Marine Products share was converted into the right to receive $2.43 in cash plus 0.232 shares of MasterCraft common stock. Following this conversion, the trust reported holding 0 shares of Marine Products common stock.
Insider Trade Summary
Other: 219,149 shares
Other
1 txn
Insider
Gary W. Rollins Revocable Trust
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock, $.10 Par Value | 219,149 | $0.00 | $0.00 |
Holdings After Transaction:
Common Stock, $.10 Par Value — 0 shares (Direct)
Footnotes (1)
- F1. Pursuant to the Agreement and Plan of Merger, dated as of February 5, 2026 (the "Merger Agreement"), by and among MasterCraft Boat Holdings, Inc. ("MasterCraft"), Marine Products Corporation ("Marine Products"), Titan Merger Sub 1, Inc., a direct wholly owned subsidiary of MasterCraft, and Titan Merger Sub 2, LLC, a direct wholly owned subsidiary of MasterCraft, at the First Effective Time (as defined in the Merger Agreement), each share of Marine Products' common stock, par value $0.10 per share, was converted into the right to receive $2.43 in cash, without interest, and 0.232 shares of MasterCraft common stock, par value $0.01 per share. The market price of MasterCraft common stock was $24.64 per share at the close of business May 14, 2026.
Key Figures
Shares restructured: 219,149 shares
Cash consideration per share: $2.43 per share
Stock consideration ratio: 0.232 shares
+2 more
5 metrics
Shares restructured
219,149 shares
Marine Products common stock involved in transaction code J
Cash consideration per share
$2.43 per share
Cash portion of merger consideration for each Marine Products share
Stock consideration ratio
0.232 shares
MasterCraft common stock received per Marine Products share
MasterCraft share price
$24.64 per share
Closing price on May 14, 2026 for MasterCraft common stock
Post-transaction MPX holdings
0 shares
Marine Products shares held by the trust after restructuring
Key Terms
Agreement and Plan of Merger, Merger Agreement, First Effective Time, par value, +1 more
5 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of February 5, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Merger Agreement regulatory
"the "Merger Agreement", by and among MasterCraft Boat Holdings, Inc."
A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.
First Effective Time regulatory
"at the First Effective Time (as defined in the Merger Agreement), each share"
par value financial
"Marine Products' common stock, par value $0.10 per share, was converted"
Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.
revocable trust financial
"reporting person name: Gary W. Rollins Revocable Trust"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did the Gary W. Rollins Revocable Trust report in the MPX Form 4?
The Form 4 shows the trust completed an "other" restructuring transaction for 219,149 Marine Products shares. These shares were converted into cash and MasterCraft stock under a merger agreement, leaving the trust with zero Marine Products shares afterward.
Does the MPX Form 4 reflect a buy or sell by the reporting trust?
The Form 4 uses transaction code J, labeled as an "other acquisition or disposition" and categorized as a restructuring. It does not classify the event as a traditional open-market buy or sell, but as a conversion driven by the merger terms.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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