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Following a special request I am reviewing the outlook for II-VI (IIVI) little over a year following the announcement of the deal with Finisar (FNSR). I had some concerns following the announcement of the deal in the autumn of 2018 as those concerns have indeed become reality, with II-VI doing quite well, while Finisar is a real laggard. Given the clouded pro-forma picture, I am still not seeing very compelling value at this point in time, despite the significant underperformance of the shares.