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Welcome to Stifel Morgan Keegan

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.

Comments

  1. smfargo1 says:

    Hope the deal goes down, but if institutional bond guys were smart (and they are), they would want an equity stake in the new firm – or better yet break away and start their own company. Steifel’s going to tear the company apart within 2 years, because all they really want is the retail brokerage.

Dansette

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