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