Kohlberg Scraps Steinway Buyout Bid After $478M Rival Offer

Law360, New York (August 13, 2013, 3:19 PM EDT) -- Buyout specialist Kohlberg & Co. doused speculation of a bid war for famed piano maker Steinway Musical Instruments Inc., saying Tuesday it would waive its right to match a dark-horse $478 million offer that trumps its previously approved proposal.

The move comes one day after Steinway went public with the heftier bid from an unnamed bidder, worth $38 per share compared with Kohlberg's offer of $35 a pop. Under their merger agreement, inked early last month, Kohlberg had three days to match or beat the higher...
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