Loeb Partners invests in Mercer Insurance; clarifies statement on company's sale

By Lisa Kerner

Charlotte, N.C., July 13 - Mercer Insurance Group Inc. investors led by Loeb Partners Corp. made an initial purchase of 339,326 shares of the company's stock between May 31 and July 11, priced at an average of $18.40 to $20.04 per share.

The investors now report a 5.17% stake in the Pennington, N.J.-based insurance company, according to an amended schedule 13D filed with the Securities and Exchange Commission.

Loeb also retracted a remark made in an earlier schedule 13D filing indicating that Loeb believed Mercer should either sell itself of liquidate. The statement "was inadvertent and does not reflect Loeb's current position regarding the company," according to a company news release.

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