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

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...