Martin Resource Offers to Buy Remaining Stake in Martin Midstream Partners
(Reuters) — Martin Midstream Partners said on May 24 it received a buyout cash offer of $3.05 per common unit from Martin Resource Management for all the units it does not already own.
Martin Resource Management, a supplier of products and services to drilling rig contractors, currently owns 15.9% of the company. The cash offer values the deal at $100.27 million according to Reuters calculation.
Several large oil and natural gas pipeline firms have restructured in recent years after U.S. regulators no longer allowed such companies to recover an income tax allowance as part of the 1986 Master Limited Partnerships (MLP) legislation.
Under MLPs, as a way to spur energy investment, the oil and gas industry could finance pipeline and storage products allowing them to reap tax benefits.
Martin Midstream was formed in 2002 by Martin Resource Management, which is an independent provider of marketing and distribution of fuel oil, asphalt, diesel fuel and high-quality naphthenic lubricants.
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