Aug. 14, 2013, 7:39 AM
- 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.
Aug. 12, 2013, 8:02 AM| Aug. 12, 2013, 8:02 AM | 1 Comment
Jul. 1, 2013, 9:10 AM
Steinway Musical Instruments (LVB) announces it will be acquired by Kohlberg & Company for $35 per share in a deal valued at $438M. The agreement will allow 45 days for Steinway to consider better offers. LVB +15.4% premarket.| Jul. 1, 2013, 9:10 AM
Dec. 26, 2012, 5:53 PM
Steinway Musical Instruments (LVB) says it's ended its strategic review without approving any additional moves, but plans to continue talks with potential buyers for its leasehold interest in the Steainway Hall building in New York. LVB had previously agreed to sell its band instrument division to an investor group led by former CEO Dana Messina and John Stoner, the one-time president of Conn-Selmer.| Dec. 26, 2012, 5:53 PM
Jul. 6, 2011, 10:10 AM
Steinway (LVB) jumps +5% after its senior management makes an unsolicited proposal to purchase and take private the company's band instrument and online music divisions. In connection with the proposal, Chairman Kyle Kirkland has agreed to step down.| Jul. 6, 2011, 10:10 AM