Thursday, 29 January 2015
Last updated 13 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…