Tuesday, 1 September 2015
Last updated 8 hours ago
Aug 13 2013 | 10:18am ET
Hedge fund Paulson & Co. has taken the lead in the bidding to acquire legendary piano-maker Steinway Musical Instruments.
Steinway said yesterday that an unidentified bidder had offered $38 per share for the company, 8.5% more than the $35 per share put up by private-equity firm Kohlberg & Co. Published reports indicate the higher bid came from Paulson.
Kohlberg must now decide whether to match the offer. Investors sent Steinway shares up more than 9% to $39.59 yesterday, suggesting that many expect a bidding war.
Kohlberg is led by Kohlberg Kravis Roberts co-founder Jerome Kohlberg. The firm made its bid 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…