Kohlberg Exit From Steinway Bidding Leaves Paulson Likely Buyer

Aug 14 2013 | 9:29am ET

Paulson & Co. appears poised to buy legendary piano-maker Steinway Musical Instruments in a rare private-equity style move for the hedge fund.

Paulson earlier this week offered about $475 million for the Waltham, Mass.-based company, roughly 8.5% more than the $438 million bid made by p.e. firm Kohlberg & Co. last month. Kohlberg said yesterday that it would not match Paulson's bid.

The 45-day "go-shop" period initiated by the Kohlberg deal expires today, making it unlikely that a rival buyer will scoop Steinway from Paulson's hands.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...