New offer for Steinway trumps Kohlberg's bid

|About: Steinway Musical Instrum... (LVB)|By:, SA News Editor

Steinway Musical Instruments (LVBgains 7.7% to $39 after receiving a $38 per share cash buyout bid an investment firm not named Kohlberg & Co.

The board has determined this new bid is superior to KKR's $35 offer and the shares trading over $38 suggest Kohlberg may soon come back even higher. (PR)