(Reuters) – Steinway Musical Instruments Inc said it received a higher proposal of $38 per share in cash for its outstanding common shares from an affiliate of an investment firm, topping an earlier bid by private-equity firm Kohlberg & Co.
The 160-year-old manufacturer of pianos, saxophones and trumpets did not name the bidder.
Steinway said its board has determined that the offer constitutes a superior proposal to the $35 per share offer from Kohlberg & Co.
The company said Kohlberg has an option to match the $38 offer.
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