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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