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New Developments in Steinway Sale

Christian Wissmuller by Christian Wissmuller
August 13, 2013
in Upfront
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As reported in MMR, on July 1 Steinway Musical Instruments agreed to an acquisition by private equity firm, Kohlberg & Co. The deal was for a reported $438 million and was projected to close in the third quarter of 2013.

Things just got interesting, though… Yesterday, Aug. 12, an unnamed private equity company topped Kohlberg & Co.’s offer, with a $38 per share cash offering, valuing Steinway at roughly $477 million. A 45-go-shop period ends Wednesday August 14, the deadline Steinway set for Kohlberg to raise its bid.

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Reaction to the development was swift and positive, with shares in Steinway rising 9.05% to $39.51 per share by afternoon trading on Monday – double what the company was trading at the beginning of this year.

Tags: Kohlberg & CompanySteinwaySteinway & SonsSteinway Musical Instruments
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