Steinway Shareholder Sues To Stop $438M Take-Private Deal

Law360, Wilmington (July 10, 2013, 8:40 PM EDT) -- A Steinway Musical Instruments Inc. shareholder launched a putative class action Wednesday aimed at squelching the piano maker' plans to go private, saying the $438 million bid by private equity firm Kohlberg & Co. undervalues the iconic company.

Filed in Delaware Chancery Court, the complaint claims directors of the 160-year-old company breached their fiduciary duty by accepting a take-private offer that shortchanges Steinway shareholders.

“The consideration is unfair and inadequate because, among other things, the intrinsic value of the company’s common stock is materially in excess...
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