Raymond James Reportedly In The Running For Morgan Keegan Despite Earlier Denials

Thursday, December 22, 2011 11:18
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Raymond James Reportedly In The Running For Morgan Keegan Despite Earlier Denials

Tags: M&A

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.

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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.

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