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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of