Three months after Raymond James denied it was interested in buying Morgan Keegan, rumor has it that the brokerage firm is actually at the bargaining table now.
Back in September, Raymond James executives said Morgan Keegan would be a great cultural fit but the firm was overpriced as a straight bolt-on acquisition. At the time, they weren't interested.
Now, however, the rumors are back.
If true, this tells us one thing: Morgan parent Regions Financial has gotten desperate enough to bring the price down to interest potential buyers.
Otherwise, Stifel -- the only known bidder left at this point -- would get the firm.
Morgan Keegan advisors aren't terribly pleased at that prospect, since culturally they are not all that similar to Stifel's growing broker-dealer network.
Raymond James may actually be a white knight here. If, of course, the rumors are true.