accor, page-3

I agree that Stella is a desirable asset and the Stella part alone should be worth more than $1 per share.

People seem to forget as well that CIY went back to MFS with another proposal, obviously to buy the FM business, before withdrawing their original offer, but clearly MFS were not prepared to sell it for what CIY was offering. Would be interesting to know what the figures were.

Either way, the FM business does have a value and it may even transpire that CIY makes an other offer. It could certainly be beneficial to both parties as CIY can buy something they offered $1.3 bil for only a couple of weeks ago for a great price and with a new owner and new name, the damage done in terms of the MFS brand name could be limited.

Even if MFS sold of both the FM side and Stella for well under their true value, I still think $1.50-$2.00 per share is not beyond the realms of possibility.