ISS Backs MMLP-MRMC Merger: Unitholders Urged to Vote "FOR"

In a significant development, Institutional Shareholder Services (ISS), a leading independent proxy advisory firm, has recommended that Martin Midstream Partners L.P. (MMLP) unitholders vote "FOR" the proposed all-cash merger with Martin Resource Management Corporation (MRMC). This endorsement underscores the attractiveness of MRMC's offer and the thorough evaluation process conducted by MMLP's Conflicts Committee.

The proposed merger, announced in late October, offers MMLP unitholders a premium of $4.02 per common unit, representing a 34.00% premium to the market closing price prior to MRMC’s initial proposal on May 24, 2024. Additionally, the offer represents an 11.33% premium to the trailing 30-trading day volume-weighted average price as of October 3, 2024. This substantial premium reflects the attractiveness of MRMC's proposal and the diligent evaluation process conducted by MMLP's Conflicts Committee.



The Conflicts Committee, consisting of three independent directors, conducted a nine-month evaluation of the transaction with the support of independent legal and financial advisors. Their thorough assessment, coupled with extensive negotiations, resulted in a significantly improved proposal from MRMC. The committee's unanimous approval of the transaction demonstrates its fairness and reasonableness to MMLP and its unaffiliated unitholders.



ISS's recommendation is a testament to the compelling nature of MRMC's offer and the rigorous evaluation process undertaken by MMLP's Conflicts Committee. Unitholders are urged to vote "FOR" the transaction, as it represents an attractive exit opportunity at a premium, particularly in the challenging midstream sector environment.

In conclusion, the ISS recommendation for MMLP unitholders to vote "FOR" the merger with MRMC highlights the attractiveness of the offer and the thorough evaluation process conducted by the Conflicts Committee. Unitholders should consider this endorsement when casting their votes, as it reflects the positive assessment of a leading independent proxy advisory firm.