Lippert/Heilshorn Investor Relations is handling the "bidding war" for Steinway Musical Instruments, Inc., which yesterday claimed to have received a "superior" takeover proposal from an unnamed investment firm.
The Waltham, Mass.-based piano/drum/horn maker and classical music record distributor got a $35-per-share bid Aug. 14 from Kohlberg & Co.
It maintains the competing offer amounts to $38 per share, making the acquisition worth more than $475M.
Steinway reported a 43.3 percent rise in Q2 operating income to $8.6M on a 7.7 percent rise in revenues to $92.3M.
During the quarter, the company sold legendary Steinway Hall, which is on Manhattan's W. 57 St., for a $22.7M gain.
The 16-story building opened in 1925 to house Steinway’s flagship showroom. JDS Development Group bought the property.
Harriet Fried, senior VP at L/H handles the Steinway takeover action. She’s a former staffer at Kidder Peabody (corporate finance) and Oppenheimer & Co. (real estate and finance).
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