If CVC is offering $1.6bn (50% $0.8bn), then enterprise value is...

If CVC is offering $1.6bn (50% $0.8bn), then enterprise value is $1.6bn + $0.9bn = $2.5bn (ignores cash)

Forward FY2009 EBITDA say $250m (EBITDA FY2008 is ~ $220m)

That means a multiple of 10x. How is that compared with FLT?

So Stella is worth $1.6bn/477m shares = $3.35 ?? Does that mean CVC will pay MFS $800m + debt of $450m?

Sounds too good to be true compared to 99c?