Steinway Musical Instruments Inc said it would be acquired by private equity firm Kohlberg & Co in a deal valued about $438 million. The 160-year-old manufacturer of pianos, saxophones and trumpets said Kohlberg offered $35 per share in cash, a premium of 15 percent to Steinway's Friday close of $30.43.
Steinway Musical Instruments, Inc. through its wholly owned subsidiaries, is engaged in the design, manufacture, marketing and distribution of musical instruments. Shares of LVB remained unchanged at $30.43. In the past year, the shares have traded as low as $20.61 and as high as $30.69. On average, 28042 shares of LVB exchange hands on a given day and today's volume is recorded at 160964.
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