Steinway Stock Rises After a New Bidder Enters the Stakes

Monday, August 12, 2013 - 05:39 PM

UPDATE 8/13: Reuters reports that Kohlberg & Co on Tuesday refused to match a $477 million offer, said to be from the hedge fund Paulson & Co.

The stock of Steinway Musical Instruments hit an all-time high on Monday after the company received a new buyout offer.

Steinway's stock climbed $3.36, or 9.3 percent, to $39.59 after an unidentified investment firm topped an earlier offer from Kohlberg & Co., according to the Associated Press.

The new bidder has offered to pay $38 per share, or about $477 million, for the company. That tops Kohlberg's bid of $438 million.

The Waltham, Mass.-based company identified the new potential buyer only as an investment firm with more than $15 billion under management.

Speculation on the street is that Kohlberg will raise its offer in an attempt to outbid the newcomer. The company has until the end of Wednesday to do so. Steinway has been shopping for a buyer since December, after concluding a 17-month strategic review.

With the Associated Press

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Comments [2]

kenneth Bennett Lane, Lake Hiawatha, NJ from Richard Wagner Music Drama Institute, Boonton, NJ

As usual the valued commodity is viewed in different terms by an investor and a potential user. As a Wagnerian heldentenor with scores of concerts, four of which were in three hour long solo concerts in the Isaac Stern Auditorium of Carnegie Hall, I much preferred the largest Steinway grand over its competitors. I wish all concerned well with a forte salute tor the STEINWAY PIANOFORTE !!!

Aug. 13 2013 08:30 PM

Many, many years ago when I was a salesman for a Steinway dealer, CBS bought Steinway and we were all afraid that Steinway would become just another piano. However, CBS, left if alone and was just a holding company. Steinway is still the very bast American piano, bar none. Hopefully this company will leave the company to do what it does best, which is to make the fine pianos they make. I know several pianists who would not buy any other instrument and most would pay almost any price to have one.

organman77

Aug. 13 2013 02:26 PM

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