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.
Citing what it called a "stalled economic recovery," an unpredictable market and undervalued stock prices in the property and casualty industry, Liberty Mutual Group called off the offering without saying when it might offer the stock again.
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