By Katherine Hamilton
Caspian Capital has stopped its effort to acquire Martin Midstream Partners after the latter company backed out of a merger agreement Caspian opposed.
Caspian said Tuesday it welcomed natural gas distributor Martin Midstream's decision in December to terminate its merger agreement with Martin Resource Management.
Caspian, a wealth management company, reiterated a previously stated opinion that Martin Resource's offer of $3.05 a unit was lower than Martin Midstream's true value. In July, Caspian put in an offer of $4 a unit, and later upped it to $4.50 a unit.
Caspian said it also ended its work with Nut Tree Capital Management. The two companies had collaborated in December to urge unitholders to vote against the merger with Martin Resources.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 11, 2025 15:00 ET (19:00 GMT)
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