Steinway Musical Instruments Inc, the famous manufacturer of pianos, saxophones and trumpets, said on Wednesday it had decided not to sell itself following a 17-month-long exploration of strategic alternatives.Steinway said in a statement that it had received several nonbinding indications of interest in buying the company, after talks with other companies in the sector and private equity, but they did not offer more value than its own strategic plan."We will continue to focus management's efforts on execution of that plan and we look forward to a prosperous 2013," Steinway CEO Michael Sweeney said.An in-principle agreement to sell its band instrument division to an investor group led by two of its board members, Dana Messina and John Stoner, was also scrapped in light of the current operating performance of the band division, Steinway said.
Steinway Musical Instruments, Inc., through its wholly owned subsidiaries, is engaged in the design, manufacture, marketing and distribution of musical instruments. Shares of LVB traded higher by 0.18% or $0.04/share to $22.52. In the past year, the shares have traded as low as $21.30 and as high as $26.97. On average, 18100 shares of LVB exchange hands on a given day and today's volume is recorded at 8270.
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