Paulson Closes $512M Steinway Buy, Del.'s 1st 251(h) Deal

Law360, New York (September 19, 2013, 5:57 PM EDT) -- Paulson & Co. Inc. on Thursday closed its $512 million buyout of piano maker Steinway Musical Instruments Inc., beating a handful of other deals to become the first to close under Delaware's new quick-close tender offer law.

Paulson was the first to announce a deal that took advantage of Delaware statute 251(h), which allows buyers to close as soon as they have a simple majority of shares. Previously, buyers had to extend the tender offer or rely on a top-up option to get to 90 percent,...
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