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We present the results of the study of the red nova PSN J14021678+5426205 based on the observations carried out with the Russian 6-m telescope (BTA) along with other telescopes of SAO RAS and SAI MSU. To investigate the nova progenitor, we used the data from the Digital Sky Survey and amateur photos available on the internet. In the period between April 1993 and July 2014, the brightness of the progenitor gradually increased by 2.2 mag in the V band. At the peak of the first outburst in mid-November of 2014, the star reached an absolute visual magnitude of -12.75 mag but was discovered later, in February 2015, in a repeated outburst at the absolute magnitude of -11.65 mag. The amplitude of the outburst was minimum among the red novae, only 5.6 mag in the V band. The H alpha emission line and the continuum of a cool supergiant with a gradually decreasing surface temperature were observed in the spectra. Such process is typical for red novae, although the object under study showed extreme parameters: maximum luminosity, maximum outburst duration, minimum outburst amplitude, unusual shape of the light curve. This event is interpreted as a massive OB star system components merging accompanied by the formation of a common envelope and then the expansion of this envelope with minimal energy losses.