The letter from Mercury Real Estate Advisors, included in an SECfiling by Sizeler, says that Mercury is "outraged" by the proposedsale. It contends that Sizeler is worth more than the $15.10 pershare and objects too that "the buyer is a close affiliate of MarkTanz, the chairman of the board of directors of Sizeler."

Officials of Sizeler, which owns 15 shopping centers and 15apartment complexes in Louisiana, Florida and Alabama, could not bereached for comment on the opposition to the sale by the twoinvestment groups. Executives at locally based Sizeler announced inJanuary that they had retained Wachovia Capital Markets LLC as afinancial adviser to consider strategic alternatives that includeda possible sale of the company "in our efforts to maximizeshareholder value."

The Opportunity Partners letter says that the group believesthat the liquidation value of Sizeler's real estate portfolio "issignificantly higher than $15.10 per share." It points out thateight days before the Aug. 8 announcement, Sizeler's stock closedat more than $16 per share and "continued to trade well above$15.10 per share" right up until the Revenue Properties offer. Itcalls the proposed sale a "takeunder offer."