Paulson & Co. to acquire Steinway Musical Instruments for $40/share

On Monday, Steinway (LVB) said it had received a $38/share bid, which led to it cancel its $35/share deal with Kohlberg & Co.

Shares traded above $39 on Monday, but settled at $38.27 yesterday.

Today's agreement has no go-shop period, but Steinway "is permitted to respond to unsolicited offers in certain circumstances, and ultimately, to accept a superior proposal until the closing of the tender offer," which starts within 5 business days and lasts for 20 days.

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