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Shares of Steinway Musical Instruments have risen after the 160-year-old piano maker announced it received a better takeover offer to the pending $US438 million ($479.5 million) deal with Kohlberg & Co. Steinway identified the new potential buyer only as an investment firm and said it had offered about $US477 million.

Shares of Steinway Musical Instruments have risen after the 160-year-old piano maker announced it received a better takeover offer to the pending $US438 million ($479.5 million) deal with Kohlberg & Co. Steinway identified the new potential buyer only as an investment firm and said it had offered about $US477 million.

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