diff --git a/lib/addTokenMeta.spec.ts b/lib/addTokenMeta.spec.ts
index bfb2bec..4a0ef0b 100644
--- a/lib/addTokenMeta.spec.ts
+++ b/lib/addTokenMeta.spec.ts
@@ -1,5 +1,5 @@
 import { describe, test, expect } from 'vitest';
-import { FX_PREFIX, OPERATOR, NUMBER, REF_RANGE, REF_BEAM, FUNCTION, WHITESPACE, REF_STRUCT } from './constants.ts';
+import { FX_PREFIX, OPERATOR, NUMBER, REF_RANGE, REF_BEAM, FUNCTION, WHITESPACE, REF_STRUCT, REF_NAMED } from './constants.ts';
 import { addTokenMeta } from './addTokenMeta.ts';
 import { tokenize } from './tokenize.ts';
 
@@ -85,15 +85,21 @@ describe('add extra meta to operators', () => {
       { index: 2, depth: 0, type: OPERATOR, value: ',' },
       { index: 3, depth: 0, type: REF_RANGE, value: "'jan:dec'!B11", groupId: 'fxg1' },
       { index: 4, depth: 0, type: OPERATOR, value: ',' },
-      { index: 5, depth: 0, type: REF_RANGE, value: "'jan':'dec'!B11", groupId: 'fxg1' },
-      { index: 6, depth: 0, type: OPERATOR, value: ',' },
-      { index: 7, depth: 0, type: REF_RANGE, value: "'jan':dec!B11", groupId: 'fxg1' },
+      // `'jan':'dec'!B11` is not a sheet range: the quote on the second name makes the colon a
+      // range operator, so the reference in it is `'dec'!B11` alone. References share a group
+      // when they resolve to the same sheet and cells, wherever they sit in the formula, so it
+      // shares `Dec!B11`'s group and not the sheet ranges'.
+      { index: 5, depth: 0, type: REF_NAMED, value: "'jan'" },
+      { index: 6, depth: 0, type: OPERATOR, value: ':' },
+      { index: 7, depth: 0, type: REF_RANGE, value: "'dec'!B11", groupId: 'fxg2' },
       { index: 8, depth: 0, type: OPERATOR, value: ',' },
-      { index: 9, depth: 0, type: REF_RANGE, value: 'JAN:dEc!B11', groupId: 'fxg1' },
+      { index: 9, depth: 0, type: REF_RANGE, value: "'jan':dec!B11", groupId: 'fxg1' },
       { index: 10, depth: 0, type: OPERATOR, value: ',' },
-      { index: 11, depth: 0, type: REF_RANGE, value: 'Jan!B11', groupId: 'fxg2' },
+      { index: 11, depth: 0, type: REF_RANGE, value: 'JAN:dEc!B11', groupId: 'fxg1' },
       { index: 12, depth: 0, type: OPERATOR, value: ',' },
-      { index: 13, depth: 0, type: REF_RANGE, value: 'Dec!B11', groupId: 'fxg3' }
+      { index: 13, depth: 0, type: REF_RANGE, value: 'Jan!B11', groupId: 'fxg3' },
+      { index: 14, depth: 0, type: OPERATOR, value: ',' },
+      { index: 15, depth: 0, type: REF_RANGE, value: 'Dec!B11', groupId: 'fxg2' }
     ], { sheetName: 'Sheet1', workbookName: 'foo' });
   });
 
diff --git a/lib/fixRanges.spec.ts b/lib/fixRanges.spec.ts
index e5c01c6..4dc420a 100644
--- a/lib/fixRanges.spec.ts
+++ b/lib/fixRanges.spec.ts
@@ -119,8 +119,8 @@ describe('fixRanges prefixes', () => {
 
   test('a quote around the second end is the range operator, not a 3D reference', () => {
     isFixed("=foo:'bar baz'!A1", "=foo:'bar baz'!A1");
-    // Excel fixes this to `=foo:'bar baz'!A1`
-    isFixed("='foo':'bar baz'!A1", "='foo:bar baz'!A1");
+    // Excel leaves this one as written on the next save; its formula bar drops the second quote
+    isFixed("='foo':'bar baz'!A1", "='foo':'bar baz'!A1");
     isFixed("=foo:'bar baz'!A1", "=foo:'bar baz'!A1", { xlsx: true });
     isFixed("=Jan:'[1]Nope'!A1", '=Jan:[1]Nope!A1');
   });
diff --git a/lib/mergeRefTokens.ts b/lib/mergeRefTokens.ts
index bd211db..aab8fb8 100644
--- a/lib/mergeRefTokens.ts
+++ b/lib/mergeRefTokens.ts
@@ -27,17 +27,10 @@ const validRunsMerge = [
   [ [ CONTEXT, CONTEXT_QUOTE ], '!', REF_BEAM ],
   [ [ CONTEXT, CONTEXT_QUOTE ], '!', REF_TERNARY ],
 
-  // 'Sheet1':Sheet2!A1 | 'Sheet1':'Sheet2'!A1
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_CELL, ':', REF_CELL ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_CELL, '.:', REF_CELL ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_CELL, ':.', REF_CELL ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_CELL, '.:.', REF_CELL ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_CELL ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_RANGE ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_BEAM ],
-  [ CONTEXT_QUOTE, ':', [ CONTEXT, CONTEXT_QUOTE ], '!', REF_TERNARY ],
-
   // Sheet1:Sheet2!A1 | 'Sheet1':Sheet2!A1
+  //
+  // The second name must be unquoted. A quote on it makes the colon a range operator rather than a
+  // sheet-range marker, so `a:'b'!A1` and `'a':'b'!A1` are two references and are not merged.
   [ [ REF_NAMED, CONTEXT, CONTEXT_QUOTE ], ':', CONTEXT, '!', REF_CELL, ':', REF_CELL ],
   [ [ REF_NAMED, CONTEXT, CONTEXT_QUOTE ], ':', CONTEXT, '!', REF_CELL, '.:', REF_CELL ],
   [ [ REF_NAMED, CONTEXT, CONTEXT_QUOTE ], ':', CONTEXT, '!', REF_CELL, ':.', REF_CELL ],
@@ -193,6 +186,11 @@ 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 +215,11 @@ 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/parseA1Ref.spec.ts b/lib/parseA1Ref.spec.ts
index 75fde98..1ce2d5c 100644
--- a/lib/parseA1Ref.spec.ts
+++ b/lib/parseA1Ref.spec.ts
@@ -133,9 +133,6 @@ describe('parse A1 references', () => {
     isA1Equal("'[Book.xlsx]foo':bar!A1", { context: [ 'Book.xlsx', 'foo:bar' ], range });
     isA1Equal("'foo':bar!A1", { sheetName: 'foo:bar', range }, { xlsx: true });
     isA1Equal("'[1]foo':bar!A1", { workbookName: '1', sheetName: 'foo:bar', range }, { xlsx: true });
-    isA1Equal("'foo':'bar'!A1", { sheetName: 'foo:bar', range }, { xlsx: true });
-    isA1Equal("'[1]foo':'bar'!A1", { workbookName: '1', sheetName: 'foo:bar', range }, { xlsx: true });
-    isA1Equal("'foo bar':'baz'!A1", { sheetName: 'foo bar:baz', range }, { xlsx: true });
   });
 
   test('a quote around the second end is the range operator, not a sheet range', () => {
@@ -147,6 +144,11 @@ describe('parse A1 references', () => {
     isA1Equal("foo:'bar baz'!A1", undefined, { xlsx: true });
     isA1Equal("1:'Dec'!A1", undefined, { xlsx: true });
     isA1Equal("5:'a b'!A1", undefined, { xlsx: true });
+    isA1Equal("'foo':'bar'!A1", undefined);
+    isA1Equal("'foo bar':'baz'!A1", undefined);
+    isA1Equal("'foo':'bar'!A1", undefined, { xlsx: true });
+    isA1Equal("'[1]foo':'bar'!A1", undefined, { xlsx: true });
+    isA1Equal("'foo bar':'baz'!A1", undefined, { xlsx: true });
   });
 
   test('a workbook specifier is not allowed in the second section of a sheet-range', () => {
diff --git a/lib/parseRef.ts b/lib/parseRef.ts
index 9b4fb54..97af303 100644
--- a/lib/parseRef.ts
+++ b/lib/parseRef.ts
@@ -202,14 +202,13 @@ const pContextNames: RefParserPart = (t, data, xlsx) => {
     }
   }
 };
-const pExtendedContext: RefParserPart = (t, data, xlsx, r1c1, tokens) => {
-  const type = t?.type;
-  // We don't allow quoted sheet ranges if the prev context was unquoted:
-  //   ✅ a:b   ✅ 'a':'b'   ✅ 'a':b   ⛔️ a:'b'
-  if (type === CONTEXT || (type === CONTEXT_QUOTE && tokens[0].type === CONTEXT_QUOTE)) {
+const pExtendedContext: RefParserPart = (t, data, xlsx) => {
+  // The second name must be unquoted. A quote on it makes the colon a range operator rather than
+  // a sheet-range marker, whatever stands to its left:
+  //   ✅ a:b   ✅ 'a':b   ⛔️ a:'b'   ⛔️ 'a':'b'
+  if (t?.type === CONTEXT) {
     const d: Partial<RefParseDataCtx & RefParseDataXls> = {};
-    const value = type === CONTEXT_QUOTE ? unquotePrefix(t.value) : t.value;
-    splitContext(value, d, xlsx);
+    splitContext(t.value, d, xlsx);
     if (xlsx && d.sheetName && !d.workbookName) {
       data.sheetName += ':' + d.sheetName;
       return 1;
diff --git a/lib/tokenize-3d.spec.ts b/lib/tokenize-3d.spec.ts
index 51bbdf6..f6446a1 100644
--- a/lib/tokenize-3d.spec.ts
+++ b/lib/tokenize-3d.spec.ts
@@ -98,7 +98,7 @@ describe('lexer: 3d ranges', () => {
         { type: REF_RANGE, value: "'Gamma'!A1" }
       ]);
     });
-    test('Both sections quoted independently', () => {
+    test('a quote on the second section leaves two references', () => {
       expect(tokenize("'Alpha':'Gamma'!A1", { mergeRefs: false })).toEqual([
         { type: CONTEXT_QUOTE, value: "'Alpha'" },
         { type: OPERATOR, value: ':' },
@@ -106,8 +106,12 @@ describe('lexer: 3d ranges', () => {
         { type: OPERATOR, value: '!' },
         { type: REF_RANGE, value: 'A1' }
       ]);
+      // The quote on the second name makes the colon a range operator, so these are two
+      // references and are not merged.
       expect(tokenize("'Alpha':'Gamma'!A1")).toEqual([
-        { type: REF_RANGE, value: "'Alpha':'Gamma'!A1" }
+        { type: REF_NAMED, value: "'Alpha'" },
+        { type: OPERATOR, value: ':' },
+        { type: REF_RANGE, value: "'Gamma'!A1" }
       ]);
     });
     test('Both sections quoted together', () => {
@@ -132,7 +136,7 @@ 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 +204,7 @@ 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' }
       ]);
@@ -262,9 +266,7 @@ describe('lexer: 3d ranges', () => {
       ]);
     });
 
-    test('both sections quoted, but independently', () => {
-      // XXX: ensure fixranges deals with this
-      // Excel will correct this to `'[Book.xlsx]Alpha:Gamma'!A1`
+    test('a quote on the second section leaves two references, with a workbook', () => {
       expect(tokenize("'[Book.xlsx]Alpha':'Gamma'!A1", { mergeRefs: false })).toEqual([
         { type: CONTEXT_QUOTE, value: "'[Book.xlsx]Alpha'" },
         { type: OPERATOR, value: ':' },
@@ -273,7 +275,9 @@ describe('lexer: 3d ranges', () => {
         { type: REF_RANGE, value: 'A1' }
       ]);
       expect(tokenize("'[Book.xlsx]Alpha':'Gamma'!A1")).toEqual([
-        { type: REF_RANGE, value: "'[Book.xlsx]Alpha':'Gamma'!A1" }
+        { type: REF_NAMED, value: "'[Book.xlsx]Alpha'" },
+        { type: OPERATOR, value: ':' },
+        { type: REF_RANGE, value: "'Gamma'!A1" }
       ]);
     });
 
@@ -317,8 +321,10 @@ 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 +386,7 @@ 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" }
       ]);