Steinway Receives New Bid Topping Kohlberg's Offer

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Steinway Receives New Bid Topping Kohlberg's Offer

Steinway Receives New Bid Topping Kohlberg's Offer
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Steinway Receives New Bid Topping Kohlberg's Offer

Wochit 0:51 mins

A new bid to buy a legendary piano maker, Steinway could be music to the ears of its shareholders. Steinway Musical Instruments Inc. said that an investment firm has offered to pay $38 per share, or about $477 million, for the company. That tops an earlier bid of $438 million, from Kohlberg & Co. The Taiwanese phone maker HTC, which saw its star rapidly rise and then come crashing back to earth, is tapping an actor who knows a thing or two about turning things around. Robert Downey Jr. has been signed to a two-year deal, and HTC plans a campaign to literally redefine what the company stands for.

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