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Steinway receives new bid topping Kohlberg's offer

Piano maker Steinway gets new bid for company that tops $438 million offer from Kohlberg

Steinway receives new bid topping Kohlberg's offer

WALTHAM, Massachusetts (AP) -- Steinway Musical Instruments Inc. says an investment firm has offered to pay about $477 million for the piano maker, topping an earlier bid from Kohlberg & Co.

The prospect of a bidding war sent Steinway shares up 8 percent to $39.10 in premarket trading Monday.

The Waltham, Massachusetts-based company identified the new potential buyer only as an investment firm with more than $15 billion under management. That bidder has offered to pay $38 per share for company.

Steinway had agreed to sell itself to investment firm Kohlberg & Co. for $35 per share.

Kohlberg has until Wednesday to lay out a better bid. Otherwise, the deal between it and Steinway will be terminated and the musical instruments maker will agree to be bought by the other firm.

Updated : 2021-05-18 00:31 GMT+08:00