For what its worth. From a technical analysis perspective, this...

For what its worth.
From a technical analysis perspective, this stock is trading at around GFC lows in 2009. The business has changed a lot and grown significantly since then. Yes, they have also doubled the number of shares on issue, which needs to be taken into account when looking at the SP. However buying 'distressed' businesses from 'willing' sellers is rarely a bad move if you are coming from a position of financial strength and operational expertise.
I was recently watching Renato Mota on a live presentation regarding the MLC purchase. He was no BS on answering questions, and very well connected into how his industry and his business operates. 16 years at IFL and a successfull record of integrating aquisitions. Coming from someone (me) who has a background working in the financial / IT sector, he gets my tick of approval.
I'm quietly confident that consolidating these 'unloved' assets under the IOOF umbrella is going to be seen as a super smart move 2 years down the track.
There will be plenty of scope to rationalise duplicated internal business processes, IT systems, etc. to reduce the cost structure of the combined businesses. And that's just looking at the cost side, without looking at the possible new revenue opportunities.
Have held IFL for 1 month. Watching the SP to add to my position. DYOR.