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Steinway accepts $438 million bid from Kohlberg & Co.; famed piano maker to go private

The famed piano maker Steinway is being acquired by private equity firm Kohlberg & Co. for about $438 million.

Steinway, which has been in business for 160 years, said previously that was looking into selling the company.

Kohlberg, which would take the company private, will start a tender offer to buy all of Steinway's outstanding stock for $35 per share, a 15 percent premium to its Friday closing price of $30.43.

The board of the Waltham, Mass., company unanimously recommended Monday that shareholders tender their stock.

The deal includes a 45-day "go-shop" period in which Steinway may seek out alternative bids.

Steinway & Sons was founded in 1853 in a loft on Manhattan's lower west side.

Shares of Steinway Musical Instruments Inc. jumped 15 percent in early trading.

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