$438M Steinway Tender Launches, But Awaits Go-Shop's End

Law360, New York (July 16, 2013, 7:39 PM EDT) -- Kohlberg & Co. launched its tender offer for Steinway Musical Instruments Inc. Tuesday, but will have to wait at least 45 days for the deal's go-shop window to end, losing at least some of the structure's biggest virtue: speed.

Kohlberg struck a deal two weeks ago to buy out the famed piano maker for $35 per share, or about $438 million. The announcement came just six months after Steinway, the American arm of the 160-year-old German family company, said it would not sell itself following a...
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