I ran into a Morgan Keegan & Co. Inc. source tonight who said the rumored sale of the Memphis firm to St. Louis-based Stifel Financial Corp. is so serious that a name change is already being discussed – something like Stifel Morgan Keegan.
I’ve also been told that Stifel representatives were in town last week, and that Stifel was negotiating exclusively over Morgan Keegan for a period of time that expired Wednesday night.
If you’ve followed the national press, the most recent Bloomberg report put it like this: “Stifel remains days or weeks away from agreeing to an acquisition and may not reach a deal.”
A top official at a Memphis-based investment firm that’s a competitor of Morgan Keegan’s – and which has Morgan Keegan alums throughout its operation – told me today he’s expecting a deal as soon as Friday, Nov. 18. Others are looking for an announcement between now and Thanksgiving.