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Liberty Mutual Delays Stock Offering for Agency Unit

Liberty Mutual Group said it is delaying its initial public offering of stock in Liberty Mutual Agency Corporation (LMAC) because the company believes it won't get the right price for the business.

By Chad Hemenway | Updated on September 28, 2010

NU Online News Service, Sept. 29, 1:10 p.m. EDT

Liberty Mutual Group said it is delaying its initial public offering of stock in Liberty Mutual Agency Corporation (LMAC) because the company believes it won’t get the right price for the business.

Liberty Mutual had hoped to sell 64.3 million shares for between $18 and $20 per share under the NASDAQ symbol LMAC in order to raise about $1.2 billion.

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