Monday, 3 August 2015
Last updated 29 min ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…