Canaccord report., page-9

Interesting article from today's afr:

Hungry IOOF stalking HUB24

Financial services firm IOOF Holdings is understood to be behind last week's mystery tilt at listed platform provider HUB24.
The $2.75 a share indicative offer, which has already been labelled as too low by some investors, makes strategic sense for IOOF on a string of measures. IOOF-backed broker and advisory firm Ord Minnett has a large amount of client money on HUB platforms, while IOOF-owned Bridges Financial Services' platform The Portfolio Service needs an overhaul and HUB could provide a solution.
While IOOF declined to comment, acquisitions are always top of mind for IOOF's chief Chris Kelaher as he reiterated to investors at the company's results in August.
Investors are seeking a figure well north of $3 a share and will be hopeful HUB24's early disclosure may flush out other suitors. It would make sense for AMP, Macquarie Group and netwealth Investments to also have a look.