Steinway Musical Instruments (LVB) announced Monday morning that it received a definitive offer to be acquired for $38.00 per share in cash from an affiliate of an investment firm. The company's Board has determined that the offer constitutes a Superior Proposal to its previously announced Agreement and Plan of Merger with Kohlberg & Company.
Steinway Musical Instruments gapped open sharply higher Monday, but moved in a narrow range throughout the session. Shares finished with a gain of 3.36 at $39.59 on strong volume. The stock leaped above a 1-month range and set a new high for the year.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.