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MGIC says may not be obligated to do Radian deal

Tue Aug 7, 2007 4:01pm EDT

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(Repeats to fix headline)

NEW YORK, Aug 7 (Reuters) - Mortgage insurer MGIC Investment Corp (MTG.N) said on Tuesday it advised the New York Insurance Department that it is the preliminary assessment of MGIC's management that MGIC is not obligated to complete its pending merger with Radian Group Inc. (RDN.N).

MGIC said Radian disagrees with MGIC management's preliminary assessment.

In February, MGIC said it planned to buy rival Radian for roughly $5.5 billion.

((Reporting by Mark McSherry; Reuters Messaging: mark.mcsherry.reuters.com@reuters.net; +646 223 6094)) Keywords: RADIAN MGIC/

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