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Paulson outbid Kohlberg for piano maker that opened shop in 1853
WALTHAM, Mass.,[url=http://www.pachasvip.com]hollister coupons[/url], Aug. 14 () -- U.S. piano maker Steinway Musical Instruments said Wednesday it has agreed to sell itself to Paulson & Co., an investment fund, for $512 million.The price,[url=http://www.pachasvip.com]abercrombie outlet[/url], which topped a $438 million offer from rival firm Kohlberg & Co., amounts to $40 per share, The Street reported. Kohlberg's bid, made in early June, came to $35 per share.Steinway said early in the week it had an offer from "an affiliate of an investment firm with over $15 billion under management." That gave Kohlberg 48 hours to match the new offer.Steinway says on its website 99 percent of all concert pianos purchased in the United States in 2007 were Steinways.That suggests Steinway , founded in 1853, all but owns the top end of the piano market,[url=http://www.moncleroutleto.co.uk]moncler outlet[/url], selling pianos frequently priced at more than $50,000 on the secondhand market,[url=http://www.pachasvip.com]hollister clearance[/url], the Street said."Steinway has a 160-year history of manufacturing the highest quality pianos and musical instruments. The company's proven business model and highly skilled employees provide a strong foundation on which to expand," said John Paulson in a statement. "We fully intend to maintain the superb quality of Steinway's musical instruments, which are the finest in the world."Steinway Chairman and Chief Executive Officer Michael Sweeney said shareholders "can rest assured that Steinway will be in excellent hands under John Paulson's stewardship."Revenue at Steinway rose to $353 million in 2012, when earnings topped $13 million. Share prices have risen 80 percent from the start of 2013 as the company sold real estate, hired a new CEO and found itself in a value-enhancing bidding war.