(Reuters) -Martin Midstream Partners said on Thursday it will terminate the $157 million merger deal previously agreed with Martin Resource Management Corp (MRMC).
Martin Midstream (NASDAQ:), which focuses on fuel storage and transportation, agreed in October to be absorbed by its largest shareholder, MRMC.
Under the deal, MRMC was to pay $4.02 per unit in cash for the common units it does not already own, after initially offering in May to acquire Martin Midstream for $3.05 per unit.
Two hedge funds, Nut Tree Capital Management and Caspian Capital, had submitted a competing bid in July and said they planned to try to rally shareholders to vote against the MRMC deal.
They argued that MRMC's offer undervalued Martin Midstream and also raised concerns about conflicts of interest in the process of accepting MRMC's offer.
The unitholders' meeting on approval of the MRMC purchase, scheduled for December 30, is now cancelled.
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