News: IFL UPDATE 1-Australia's IOOF to buy NAB's wealth unit for $1.1 bln, eyes cost savings, page-156

"I think you haven't factored in the earnings from the MLC acquisition side of things."

And therein lies the guts of the problem. We're being offered a dilution in the value of our shares in return for an improvement on the financial return from those same shares.
The thing is the dilution occurs now and is definite, while the improvement in the financial return is later and a little bit indefinite in terms of its value.
To exacerbate the issue this "opportunity" is coming out of an industry that, as a result of the Royal Commission is not highly trusted by the general public and it's coming out of an industry that has had to redefine its business model after the Commission decided that charging service fees whilst not actually providing a service is no longer allowed. So we're effectively being asked to judge the sensibility of IOOF's purchase at a time when the changes from the Royal Commission are still being bedded down, the implementation of the ANZ takeover is not yet complete and we're in a pseudo pandemic where part of the solution seems to be to allow the punters to remove all or part of their superannuation so they can buy a new IPAD before the end of September.
The extra selling pressure from the people who see the glass as half empty is what's leading the price to where it is today and I understand it.
On the other hand, if you're the sort of person who sees the glass half full, you currently own shares in a company that may very well become the largest superannuation provider in Australia and my guess is that superannuation is here to stay despite the current pandemic solution.