Quantcast
HITS Daily Double

Wormsley calls out Hands

HE SAID, HE SAID: The gloves are coming off in the trial of the century. Yesterday, during his first full day of testimony, David Wormsley called out Guy Hands as a guy with a reputation for making "low-ball offers," the Wall Street Journal reports. According to the Citigroup banker, Hands had claimed to EMI execs in May 2007 that Wormsley had told him that the EMI board would be receptive to an offer of 240 pence ($3.78) a share. “It was completely and utterly unacceptable to suggest that I had told him that 240 was acceptable or likely to be recommended by the board of EMI,” Wormsley testified. "I was furious. I demanded that he send written confirmation to EMI that I had never made that representation to him, because I couldn't let that lie stand." Wormsley said he made no recommendations as to what price Hands should bid, though he believes he did tell Hands to "not play games on price" after their dustup, which he said took place on May 18, 2007. Three months later, Terra bought the company for 265 pence a share, or 4 billion (about $6.3 billion). (10/27a)