In 1994 Mercer sold his shares in Hearts to Chris Robinson and Leslie Deans. Under Mercer, Hearts finished second in the Scottish top tier three times and once in the Scottish Cup, but his time at the helm concluded without senior silverware. His personal influence at the club is perhaps best remembered with an attempted merger with Hibs in 1990. Seen by Hibs fans as an attempted take over to liquidate their club, Mercer's attempts were met with bitterness and acrimony before he backed away.