Steinway Musical Instruments Going Private for $438M
July 02, 2013
Steinway & Sons
Kohlberg & Company has agreed to acquire Steinway Musical Instruments (NYSE: LVB) in a transaction valued at approximately $438 million. Shareholders will receive $35 per share in the transaction, representing a 33% premium. Steinway designs, manufactures, markets and distributes musical instruments, including pianos, saxophones, French horns, trumpets, clarinets, trombones and snare drums. Talks of a takeover for the company aren't new; Steinway adopted a poison pill plan in 2011 to ward off unsolicited takeover bids. Its sale to Kohlberg is expected to close in the third quarter.