Delaware’s New Tender Offer Law Has First Taker

Law360, New York (August 17, 2013, 7:41 PM EDT) -- A two-week-old Delaware law making tender offers faster and easier has its first takers, as private equity firm Paulson & Co. Inc. will use it to acquire piano maker Steinway Musical Instruments Inc. in a $512 million deal announced Wednesday.

Paulson will take advantage of 251(h), the new rule that allows buyers who receive a simple majority of shares in a tender offer to close immediately, rather than being forced to hold a shareholder vote to close the deal. It will allow Paulson to close in...
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