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Martin Midstream states Glass Lewis backs buyout deal with Martin Resource

Martin Midstream Partners said on Wednesday that proxy advisory firm Glass Lewis has advised the energy infrastructure firm's unitholders to vote for the business's proposed buyout deal with Martin Resource Management Corp.

. The statement of the Glass Lewis report comes days after Martin Midstream had actually stated that another proxy advisory company Institutional Investor Provider (ISS) had also suggested a. favorable vote for the deal.

However, 2 hedge funds Nut Tree Capital Management and. Caspian Capital, holding 13.6% of Martin Midstream, are. promoting a competing bid and urging investors to vote against. the deal.

The two hedge funds have argued that a $4.02 per typical unit. deal undervalues the business.

The unitholder satisfy is scheduled for Dec. 30.

Martin Midstream consented to a $157 million deal with Martin. Resource in October.

Martin Midstream, which focuses on saving and carrying. fuels, said Glass Lewis has reported the merger represents an. attractive exit assessment and premium for the company's. unaffiliated unitholders.

Nut Tree, Caspian, Glass Lewis and ISS did not right away. respond to ask for comment.

(source: Reuters)