NEW YORK — Investment firm Kohlberg & Co. has withdrawn from the bidding for legendary piano maker Steinway after a competing offer hit just the right note.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 million offer.
The new bid is a 25 percent premium to Steinway’s closing price just before Kohlberg’s bid was announced.