Tuesday, 22 July 2014
Last updated 58 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…