from Crain’s

Famed piano maker Steinway sold for $499M

After a last-minute bid canceled a planned sale to Kohlberg & Co., Steinway is selling itself to Paulson & Co. for a $3-per-share premium over the earlier offer.

(AP) — The famed piano maker Steinway is being sold for $499 million.

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

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

Steinway, which is being taken private and operates a flagship store on West 57th Street in Manhattan, will have to pay a termination fee of about $6.7 million.

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