Steinway Musical Instruments Inc said it received a higher proposal of $38 per share in cash for its outstanding common shares from an affiliate of an investment firm, topping an earlier bid by private-equity firm Kohlberg & Co. The 160-year-old manufacturer of pianos, saxophones and trumpets did not name the bidder.Steinway said its board has determined that the offer constitutes a superior proposal to the $35 per share offer from Kohlberg & Co.The company said Kohlberg has an option to match the $38 offer.
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 $36.23. In the past year, the shares have traded as low as $20.61 and as high as $37.04. On average, 82530 shares of LVB exchange hands on a given day and today's volume is recorded at 0.
Source
