Steinways new bidder tops Kohlberg

Steinway Musical Instruments , a 160-year-old maker of pianos, saxophones and trumpets, said it received a takeover offer from an investment firm it did not identify that topped a bid by private-equity firm Kohlberg & Co. Steinway shares rose more than 8 percent on Monday, more than a dollar above the new offer price, indicating that some investors expected a higher offer. The company said …

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