Famed piano maker Steinway sold for $499M

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In this Oct. 31, 2011 file photo, an 1877 Steinway grand piano used by Motown artists is seen in a Motown recording studio in Detroit. AP

WALTHAM, Massachusetts  — The famed piano maker Steinway is being sold for $499 million and will be taken private.

The U.S.-based company terminated an existing sales agreement with Kohlberg & Co. after it was outbid by another investment firm, Paulson & Co.

Paulson beat Kohlberg’s offer by $3 per share.

Steinway will have to pay a termination fee of about $6.7 million.

Paulson will ultimately pay $40 per share for the 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.

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  • Gerardo M. Gustilo, M.D.

    I hope Paulson and Co. keeps Steinway safe in US hands and not give it to China!

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