Steinway Sold to Private Equity Firm for $438 Million
Steinway Musical Instruments announced on Monday that it had agreed to be acquired by the private equity firm Kohlberg & Company in a deal worth roughly $438 million. The offer of $35 a share represents a 33 percent premium over Steinwayâ€™s average closing price in the 90 trading days that ended June 28. Compared with the average closing price during the 52 weeks that ended June 28, the offer represents a premium of 45 percent, the company said. Steinwayay's stock jumped at the start of trading on Monday, rising more than 15 percent, to just above $35 a share. (The companyays ticker symbol, LVB, is a reference to the initials of Ludwig van Beethoven.)
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Crofton Piano Company
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