Famed Piano Maker Steinway Sold For $499M - Spokane, North Idaho News & Weather KHQ.com

Famed Piano Maker Steinway Sold For $499M

WALTHAM, Mass. (AP) - The famed piano maker Steinway is being sold for $499 million.
    
The company terminated an existing sales agreement with Kohlberg & Co. after it was outbid by another investment firm, Paulson & Co.
    
Paulson topped Kohlberg's offer by $3 per share.
    
Steinway, which is being taken private, will have to pay a termination fee of about $6.7 million.
    
Paulson will ultimately pay $40 per share for the Waltham, Mass., company. Steinway valued the sale at about $512 million.
    
Paulson will open a tender offer for shares of Steinway Musical Instruments Inc. within the next five days.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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