SCHEDULE: Kellogg Boosts Mercer International Stake to 36.5%

Peter R. Kellogg increased his beneficial ownership in Mercer International Inc. to 36.5% through recent stock purchases.

Summary

• Peter R. Kellogg now beneficially owns an aggregate of 24,469,540 shares of Mercer International Inc. common stock.
• This ownership constitutes approximately 36.5% of the company's outstanding shares as of November 14, 2025.
• Between October 3, 2025, and November 14, 2025, entities controlled by Mr. Kellogg purchased an aggregate of 838,540 shares.
• These shares were acquired through the Nasdaq Stock Market at prices ranging from $1.68 to $2.79 per share.
• All such transactions have been previously reported on a Form 4 filed by Mr. Kellogg.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a major insider, Peter R. Kellogg, signals strong confidence in the company's valuation and future prospects. Insider buying is generally viewed positively by the market.

Positives

• A significant insider, Peter R. Kellogg, has increased his stake in Mercer International Inc., indicating confidence in the company's future prospects.
• The purchases were made at prices ranging from $1.68 to $2.79, potentially signaling a belief that the stock is undervalued at these levels.

Future Outlook

This filing does not contain explicit forward-looking statements or guidance from the company or the reporting person regarding the company's future performance. It solely reports an ownership change.

Industry Context

Insider buying, especially by a significant shareholder like Peter R. Kellogg, can be interpreted by the market as a positive signal, suggesting that the insider believes the company's stock is undervalued or that positive developments are anticipated. This action is specific to Mercer International and does not directly relate to broader industry trends unless the purchases are part of a larger industry consolidation or strategic move, which is not indicated here.

Comparison to Industry Standards

• Insider buying at this scale (increasing a 36.5% stake) is a strong signal of confidence, often outperforming general market sentiment indicators.
• Compared to other pulp and paper companies, a 36.5% beneficial ownership by a single individual is substantial, indicating a highly concentrated ownership structure.
• The purchase price range ($1.68-$2.79) would need to be compared against the company's historical trading range, book value, and industry peer valuations to assess if the insider is buying at a discount or premium relative to industry standards.

Stakeholder Impact

• Shareholders: May view the insider buying as a positive signal, potentially leading to increased investor confidence and demand for the stock.
• Management: The increased stake by a major shareholder could influence strategic decisions and corporate governance, potentially aligning interests more closely with long-term value creation.

Next Steps

• Continued monitoring of Peter R. Kellogg's ownership stake in future Schedule 13D amendments or Form 4 filings.
• Observation of Mercer International Inc.'s stock performance following this disclosure.

Key Dates

Recommendation

The substantial increase in Peter R. Kellogg's beneficial ownership to 36.5% through open market purchases indicates a strong vote of confidence from a major insider. Such significant insider buying often precedes positive company developments or suggests the insider believes the stock is undervalued, making it an attractive 'buy' signal for investors.

Keywords

Mercer International Inc., Peter R. Kellogg, Schedule 13D, Insider Buying, Stock Ownership, Common Stock, Beneficial Ownership, MERC