Friday, 28 November 2014
Last updated 11 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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