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IB on Citi's offer to Hands

HOW LOW CAN THEY GO? Citi’s reported invitation to Guy Hands to buy EMI a second time for 1.6 billion has the rank and file at the company alternately laughing hysterically and quaking in their boots. Would Citi sell EMI to another potential buyer for the same price, and what is the bank’s exposure? It appears that Citi’s price tag to Hands has set a new low for the value of both EMI and WMG. BTIG’s Rich Greenfield has put a “sell” rating on the stock, with a target price of $4.50. “Why would anyone buy Warner with the EMI auction looming?” he asks. (1/27a)

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