Akin Gump Strauss Hauer & Feld is advising Paulson & Company on its $512 million acquisition of Steinway, which is being represented by Skadden, Arps, Slate Meagher & Flom and Gibson, Dunn & Crutcher. In accepting Paulson's offer, the renowned piano maker is backing off an earlier $438 million deal with a Kohlberg & Company affiliate.
August 14, 2013 at 07:29 PM
1 minute read
Steinway Musical Instrument has accepted an offer from investment firm Paulson & Company, which will purchase the renowned piano maker for $512 million.
Paulson’s offer, announced Wednesday, trumps a $438 million bid from Kohlberg management IV, an affiliate of Kohlberg & Company, that Steinway accepted on July 1. Kohlberg will not counter Paulson’s offer, effectively ending any chance of a bidding war between the two suitors, according to Steinway’s regulatory filings.
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