A subsidiary entity, Claystone Ltd, is for sale at a price $ 15 million. There has been some interest from prospective buyers but no sale as yet. One buyer has made an offer of $ 14 million but the directors of the parent company have declined the offer. An accountant firm which was appointed by the parent company has just submitted a report and advice that the fair value of Claystone Ltd is $ 16.5 million. They have decided not to lower the sale price of Claystone Ltd at the moment.

Discuss whether the subsidiary can be classified as held for sale.