Kohlberg withdraws from Steinway bidding after competing offer hits the right note

Investment firm Kohlberg & Co. has withdrawn from the bidding for legendary piano maker Steinway after a competing offer hit just the right note. Steinway agreed in July to sell itself to Kohlberg for $35 per share. But the piano maker said Monday that an investment firm, which it did not name, offered to pay $38 per share. The roughly $477 million bid topped Kohlberg's earlier $438 …

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