Akin Gump Guides Paulson's $512M Steinway Bid

Law360, New York (August 14, 2013, 5:01 PM EDT) -- Steinway Musical Instruments Inc. on Wednesday unveiled New York private equity firm Paulson & Co. Inc. as its new suitor in a takeover valued at $512 million, a deal that pushed out two bidders and will take the piano maker private.

The deal comes just one day after would-be suitor Kohlberg & Co. backed out of its $35-per-share bid for Massachusetts-based Steinway, declining to go up against a mystery competitor — largely believed to be Paulson — that swooped in last week with a sweetened offer,...
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