diff --git a/lib/mergeRefTokens.ts b/lib/mergeRefTokens.ts
index bd211db..49c4e25 100644
--- a/lib/mergeRefTokens.ts
+++ b/lib/mergeRefTokens.ts
@@ -193,6 +193,11 @@ const matcher = (
   return best;
 };
 
+function isBangAfter (tokenlist: Token[], i: number): boolean {
+  const next = tokenlist[i + 1];
+  return !!next && next.type === OPERATOR && next.value === '!';
+}
+
 function commonMergeRefTokens (tokenlist: Token[], xlsx: boolean): Token[] {
   const finalTokens = [];
   // this seeks backwards because it's really the range part
@@ -217,6 +222,11 @@ function commonMergeRefTokens (tokenlist: Token[], xlsx: boolean): Token[] {
         i -= valid - 1;
       }
     }
+    // A quoted scope with no `!` after it is a name, not a scope. One that has its `!` stays a
+    // scope, merged or not.
+    if (token.type === CONTEXT_QUOTE && !isBangAfter(tokenlist, i)) {
+      token = { ...token, type: REF_NAMED };
+    }
     finalTokens[finalTokens.length] = token;
   }
   return finalTokens.reverse();
diff --git a/lib/parse.spec.ts b/lib/parse.spec.ts
index d9deaa6..d0b335c 100644
--- a/lib/parse.spec.ts
+++ b/lib/parse.spec.ts
@@ -137,6 +137,28 @@ describe('parser', () => {
       isParsed("'A1:B2'!C3", { type: 'ReferenceIdentifier', value: "'A1:B2'!C3", kind: 'range' });
     });
 
+    // Excel reads both as the range operator over the quoted name, and stores them with the
+    // second name quoted: `'Alpha:Beta':'Gamma'!A1` and `Alpha:'[1]Gamma'!A1`. In the second it
+    // is the workbook bracket that rules out a sheet range, not the quote, which Excel drops.
+    test('a quoted scope with no bang after it is a name operand', () => {
+      isParsed("'Alpha':[Book.xlsx]Gamma!A1", {
+        type: 'BinaryExpression',
+        operator: ':',
+        arguments: [
+          { type: 'ReferenceIdentifier', value: "'Alpha'", kind: 'name' },
+          { type: 'ReferenceIdentifier', value: '[Book.xlsx]Gamma!A1', kind: 'range' }
+        ]
+      });
+      isParsed("'Alpha:Beta':Gamma!A1", {
+        type: 'BinaryExpression',
+        operator: ':',
+        arguments: [
+          { type: 'ReferenceIdentifier', value: "'Alpha:Beta'", kind: 'name' },
+          { type: 'ReferenceIdentifier', value: 'Gamma!A1', kind: 'range' }
+        ]
+      });
+    });
+
     test('"$" is not allowed on an unquoted sheet name', () => {
       isInvalidExpr('=SUM($Jan:$Mar!A1)');
       isParsed("'$Jan:$Mar'!A1", { type: 'ReferenceIdentifier', value: "'$Jan:$Mar'!A1", kind: 'range' });
diff --git a/lib/tokenize-3d.spec.ts b/lib/tokenize-3d.spec.ts
index 51bbdf6..8b03bd0 100644
--- a/lib/tokenize-3d.spec.ts
+++ b/lib/tokenize-3d.spec.ts
@@ -132,7 +132,7 @@ describe('lexer: 3d ranges', () => {
         { type: REF_RANGE, value: 'A1' }
       ]);
       expect(tokenize("'Alpha:Beta':Gamma!A1")).toEqual([
-        { type: CONTEXT_QUOTE, value: "'Alpha:Beta'" },
+        { type: REF_NAMED, value: "'Alpha:Beta'" },
         { type: OPERATOR, value: ':' },
         { type: REF_RANGE, value: 'Gamma!A1' }
       ]);
@@ -200,7 +200,7 @@ describe('lexer: 3d ranges', () => {
       expect(tokenize("Alpha:'Beta:Gamma':Delta!A1")).toEqual([
         { type: REF_NAMED, value: 'Alpha' },
         { type: OPERATOR, value: ':' },
-        { type: CONTEXT_QUOTE, value: "'Beta:Gamma'" },
+        { type: REF_NAMED, value: "'Beta:Gamma'" },
         { type: OPERATOR, value: ':' },
         { type: REF_RANGE, value: 'Delta!A1' }
       ]);
@@ -317,8 +317,10 @@ describe('lexer: 3d ranges', () => {
         { type: OPERATOR, value: '!' },
         { type: REF_RANGE, value: 'A1' }
       ]);
+      // Nothing merges the first scope, because a workbook specifier is not allowed in the
+      // second. What is left has no `!` after it, so it is the operand Excel reads as a name.
       expect(tokenize("'Alpha':[Book.xlsx]Gamma!A1")).toEqual([
-        { type: CONTEXT_QUOTE, value: "'Alpha'" },
+        { type: REF_NAMED, value: "'Alpha'" },
         { type: OPERATOR, value: ':' },
         { type: REF_RANGE, value: '[Book.xlsx]Gamma!A1' }
       ]);
@@ -380,7 +382,7 @@ describe('lexer: 3d ranges', () => {
         { type: REF_RANGE, value: 'A1' }
       ]);
       expect(tokenize("'Alpha':'[Book.xlsx]Gamma'!A1")).toEqual([
-        { type: CONTEXT_QUOTE, value: "'Alpha'" },
+        { type: REF_NAMED, value: "'Alpha'" },
         { type: OPERATOR, value: ':' },
         { type: REF_RANGE, value: "'[Book.xlsx]Gamma'!A1" }
       ]);