Steinway Musical Instrument has accepted an offer from investment firm Paulson & Company, which will purchase the renowned piano maker for $512 million.
Paulson’s offer, announced Wednesday, trumps a $438 million bid from Kohlberg management IV, an affiliate of Kohlberg & Company, that Steinway accepted on July 1. Kohlberg will not counter Paulson’s offer, effectively ending any chance of a bidding war between the two suitors, according to Steinway’s regulatory filings.
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