Usman Shah
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Steinway's New Bidders

In college I did a report on Steinway Musical Instrument Inc (NYSE: LVB) marketing plan, today, 3 years later I am blogging about the company being sold. There is a new bidder to top Kohlber & Co $438 million bid for the legendary piano makers. An investment firm today offered to buy the company for $38 per share for a total of $477 million, $39 million higher then Kohlber & Co's bid. Steinway has been suffering after the recession, with sales being down due to the cost of the product, the sales have recovered since but still are not at the level they once were. This bidding has helped the shares up 8.5% to $39.31 today after the new bid. The company has been in business for 160 years, one of the best piano makers if not the best in the world. The pianos are a status symbol for the rich and wealthy, the company has potential. Kohlberg has until Wednesday to make a higher bid, if they do so the price of the stock can go higher this is a risky gamble that can pay of in a quick cash out.