Thanks for the replies and very valid points. I don't disagree...

Thanks for the replies and very valid points. I don't disagree that it's a solid business or think that the ANZ deal won't go through. However the facts that the business has experienced a few consecutive years of profits and dividends declining combined with the recent spike in SP puts me of the opinion the market is going to wait for proof (results) before it gives IOOF the benefit of the doubt any further than it has. If the results deliver I agree there is opportunity. But until that happens I believe we have more downside risk than upside potential at current prices.