05:48 PM EDT, 07/11/2024 (MT Newswires) -- Martin Midstream Partners ( MMLP ) is not for sale, the general partner of the petroleum midstream company said late Thursday in response to a $4-per-unit buyout proposal by Nut Tree Capital and Caspian Capital.

"We are interested only in acquiring all of the outstanding common units of [Martin Midstream ( MMLP )] and have no interest in selling our interests," according to Martin Resource Management, the company's general partner and the owner of 15.7% of Martin Midstream ( MMLP ) limited partnership units.

Martin Resource Management on May 24 offered to acquire all of the Martin Midstream ( MMLP ) units it doesn't already own for $3.05 apiece. The Caspian and Nut Tree proposal late Thursday represents a 31% premium over that bid, the hedge funds said in a statement.

Martin Resource Management continues discussion on a potential deal for Martin Midstream ( MMLP ), but declined to provide additional details.