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Steinway, in business for 160 years, to be sold for $35 per share
WALTHAM, Mass.,[url=http://www.isabelmarantsneakersbootss.com/]isabel marant boots[/url], July 1 () -- U.S. piano maker Steinway Musical Instruments Inc. said Monday it had agreed to sell itself to private equity firm Kohlberg & Company for $438 million.It is an all-cash deal that values the company at $35 per share, which is a 33 premium above the average closing price for Steinway shares in the 90 days ending on the last trading day of the second quarter.It is also a 45 percent premium above the company's closing prices over the past 52 weeks, Steinway said in a statement."Our agreement with Kohlberg represents an exceptional valuation for our shareholders, while also representing an important next step in the growth of Steinway," said Michael Sweeney, chairman and interim chief executive officer at Steinway, which has been in business for 160 years.."Kohlberg has long been one of America's premier private investment firms. We are delighted that they recognize the bright future for Steinway as well as value our great heritage," he said.Kohlberg Partner Christopher Anderson said Steinway instruments were "unequaled [in] touch and tone.""We feel fortunate to be selected to partner with Steinway and further its commitment to serving its artists and customers worldwide by producing the finest pianos and musical instruments available," he said.The deal, however,[url=http://www.parajumpersjackenoutlet.de/]parajumpers jacken outlet[/url], is not quite set in stone. The announcement of an agreement triggers a 45-day "go shop" period in which Steinway can shop around for a better offer.