Monday, July 1, 2013

Music to their ears

The shareholders of Steinway that is, as they are offered a premium of 15% over its Friday closing price by Kohlberg and Co. Steinway's owners will be accepting at least $438 million dollars from the private equity firm. However, they are free to continue to shop around for a better offer;
The deal includes a 45-day "go-shop" period in which Steinway may seek out alternative bids.

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