(Bloomberg News) Raymond James Financial Inc. resumed talks to buy Regions Financial Corp.'s Morgan Keegan brokerage unit, setting up a bidding contest with Stifel Financial Corp., said three people with knowledge of the matter.
A period of exclusive negotiations with Stifel, based in St. Louis, has expired, allowing Raymond James to revive discussions, said two of the people, who spoke on condition of anonymity as the matter is private. Neither is likely to reach a deal for Memphis, Tennessee-based Morgan Keegan before the end of the year, the people said.
Jana Strange, a spokeswoman for St. Petersburg, Florida-based Raymond James, declined to comment, as did Evelyn Mitchell, a spokeswoman for Birmingham, Alabama-based Regions. A spokeswoman for Stifel didn't immediately return a call seeking comment.