Reuters: Grand Piano Maker Steinway Receives Superior Proposal of $38 per Share

(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.

Photo courtesy of Shutterstock