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.

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