08:56 AM EDT, 07/11/2024 (MT Newswires) -- Martin Midstream Partners ( MMLP ) has attracted an acquisition proposal from Nut Tree Capital Management and Caspian Capital for $4 per unit in cash, the hedge funds revealed Thursday.

The companies said they sent a letter to Martin Midstream's ( MMLP ) conflicts committee of the board of directors Thursday to reiterate the non-binding offer they made on June 21.

In May, Martin Resource Management made a non-binding proposal to acquire all of the outstanding common units of Martin Midstream Partners ( MMLP ) for $3.05 per unit in cash.

Nut Tree and Caspian said Thursday that their offer represents a 31% premium over the offer from Martin Resource Management.

"Unfortunately, despite our attempts to engage privately and constructively with the Committee regarding a mutually agreeable transaction that is beneficial to all MMLP common unitholders, the Committee has refused to even meet with us," the firms wrote in their letter.

The firms said they are open to increasing their offer, depending on due diligence results.

Martin Midstream Partners ( MMLP ) did not immediately respond to a request for comment from MT Newswires.

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