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Music to their ears

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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InvestSMART
By InvestSMART · 14 Aug 2013
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InvestSMART
By InvestSMART ·
14 Aug 2013
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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.
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Frequently Asked Questions about this Article…

Shares of Steinway Musical Instruments rose after the company announced it had received a better takeover offer competing with the pending deal from Kohlberg & Co.

The original, pending takeover deal was with private equity firm Kohlberg & Co., reported at US$438 million (listed in the article as $479.5 million).

Steinway said it had received a competing offer of about US$477 million from a new potential buyer.

No. Steinway identified the new potential buyer only as an 'investment firm' and did not disclose its name in the announcement.

No. The article describes the Kohlberg & Co. arrangement as a pending US$438 million deal, which has been challenged by a higher offer.

The article links the share rise to the announcement that Steinway had received a better takeover offer, which investors typically view as increasing the potential value for shareholders.

The article notes Steinway is a 160-year-old piano maker, highlighting its long-established position in the musical-instrument market.

The article references the pending Kohlberg deal at US$438 million (shown as $479.5 million in the article) and the new potential offer at about US$477 million.