New $478M Steinway Buyout Offer Tops Kohlberg Bid

Law360, New York (August 12, 2013, 3:27 PM EDT) -- New York private equity outfit Kohlberg & Co. has three days to rework its buyout bid for famed piano maker Steinway Musical Instruments Inc. after an unnamed investment firm on Sunday swooped in with a $478 million offer that trumps the previously approved proposal, Steinway announced Monday.

Steinway did not identify its newest prospective buyer in its Monday statement, saying only that it's an affiliate of an investment firm with more than $15 billion under management. The anonymous suitor already has worked out financing arrangements to...
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