Paulson Bids For Steinway

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.

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