Re-recruit off-cycle, but requires a renege. Thoughts?

Hey all. I am currently interning at a small boutique for this summer, and for my SA27 gig, I am going to be at a MM M&A group.

Has anyone ever re-recruited off cycle roles after not being satisfied with the offer they got during normal recruitment? Would it be worth it for me to try to recruit these off-cycle roles at much better banks?

Also if I was to re-recruit, would I be able to leverage the offer I have right now even though the bank I am interviewing for would know I am trying to get a better offer and renege my old one.

Just wanted to get thoughts here.

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