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

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note