Steinway Musical Instruments Inc announced that an investment company affiliate gave a USD 38 per share bid for its outstanding common shares. The musical instrument maker did not name the bidder. The bid, however, was higher than the USD 35 per share earlier offered by Kohlberg & Co, a private equity company, prompting the Steinway board to consider it a "superior proposal" than the former. It was not yet known if Kohlberg would match the premium offer, but the piano maker said that it still had the option to do so.
Steinway Musical Instruments designs, makes, markets and distributes musical instruments. It currently carries out its operations in two divisions. The Steinway division produces pianos while the Conn-Selmer division makes band and orchestral instruments like saxophones and trumpets. Earlier in June, Steinway also sold its stake in the Steinway Hall building to a buyout partnership headed by the JDS Development Group.
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