Kohlberg's Steinway Bid Topped

Aug 12 2013 | 12:29pm ET

Private-equity firm Kohlberg & Co. may not be making sweet music with Steinway Musical Instruments, after all.

An unidentified bidder has topped Kohlberg's $438 million offer by 8.5%, agreeing to pay $38 per share, $3 more than the p.e. firm. The would-be buyer is an affiliate of an investment firm with more than $15 billion in assets, Steinway said.

Kohlberg has three days to match the superior bid for the famed piano-maker.

Kohlberg is led by Kohlberg Kravis Roberts co-founder Jerome Kohlberg. The firm made its $35-per-share offer for Steinway last month.


In Depth

FINalternatives Survey: We Asked Investment Pros...

Apr 2 2016 | 9:42pm ET

The data from our annual reader survey continues to roll in and provide interesting...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...