|Famed piano maker Steinway sold for $499M||| Print ||
|Written by Associated Press|
|Wednesday, 14 August 2013 10:14|
WALTHAM, Mass. (AP) — The famed piano maker Steinway is being sold for $499 million.
The company terminated an existing sales agreement with Kohlberg & Co. after it was outbid by another investment firm, Paulson & Co.
Paulson topped Kohlberg's offer by $3 per share.
Steinway, which is being taken private, will have to pay a termination fee of about $6.7 million.
Paulson will ultimately pay $40 per share for the Waltham, Mass., company. Steinway valued the sale at about $512 million.
Paulson will open a tender offer for shares of Steinway Musical Instruments Inc. within the next five days.
Copyright 2013 The Associated Press.
Front Page Stories
|Perrysburg approves levy proposal
07/21/2014 | Alex Aspacher
PERRYSBURG — The decision whether to build a new school will rest with voters in November, with th [ ... ]
|Council approves gun ordinance language|
07/21/2014 | PETER KUEBECK Sentinel City Editor
City council voted unanimously Monday on new guns in parks language that they hope will be a silver [ ... ]