Steinway To Go Private In $438M Sale To Kohlberg

Law360, New York (July 1, 2013, 4:15 PM EDT) -- Famed piano maker Steinway Musical Instruments Inc. will go private in a $438 million sale to New York private equity firm Kohlberg & Co., it said Monday, about six months after it announced it would not sell itself following a lengthy strategic review.

The deal’s terms call for a $35-per-share cash payout for Steinway stockholders, representing a 15 percent premium to Friday’s close and a 33 percent premium over the shares’ average closing price over the past 90 days. The firms did not spell out financing...
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