iwl buys stake, page-7

Good points. Investor appetite for IWL scrip should be OK. Pros of accepting IWL scrip:
- investors retain exposure to online broknig
- IWL good management and track record
- massive synergies for these types of deals so if they get it right - EPS growth will be suberb
- ETR under-managed so IWL can pay up (ETR investors should get a good price).
Cons:
- high integration risk (IT). ETR IT seems a mess (maybe being simplistic here) - perhaps the right mangement can fix it.

Whatever happens, I suspect ANZ will succeed with a cash offer. Seems a reasonable punt $4.25ish, will take some time to play out.