When his hedge fund, Paulson & Co., purchased piano maker Steinway musical instruments inc., it was sweet music to John Paulson, who owns three Steinways himself. For Paulson’s lawyer, Patrick Dooley of Akin Gump Strauss Hauer & Feld, the agreement ended a hectic buyout process that included three rival bidders issuing multiple topping offers and, ultimately, the first use of a newly implemented Delaware statute, Section 251(h), that allows contested deals to close more quickly.
Before Paulson could become the first buyer to take advantage of the new rule, though, Dooley had to steer the client through a bidding war that started in early July with investment firm Kohlberg & Company’s agreement to buy Steinway for $35 per share. That deal included a 45-day go-shop window, during which Dooley says Paulson was one of several parties whom Steinway contacted in search of a sweeter offer.
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