03:01 PM EDT, 07/29/2024 (MT Newswires) -- Nut Tree Capital Management and Caspian Capital said Monday they have increased their offer to acquire Martin Midstream Partners ( MMLP ) to $4.50 per unit from $4.00 previously.

The hedge funds said they sent a letter to the Conflicts Committee of Martin Midstream GP board, the general partner, over the increase, adding that the Conflicts Committee refuses to meet directly despite repeated requests.

"With this increased offer, Nut Tree and Caspian maintain that they should be provided the opportunity to meet directly with the Conflicts Committee regarding their offer," the funds said.

Earlier this month, the general partner said: "We are interested only in acquiring all of the outstanding common units of MMLP and have no interest in selling our interests in MMLP or the general partner or in pursuing any other strategic alternative involving MMLP or the general partner."

Martin Midstream ( MMLP ) shares were up over 9% in recent trading.

Price: 3.83, Change: +0.32, Percent Change: +9.12