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 Steinway’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.)