Paulson makes last-minute Steinway bid

Billionaire hedge-fund manager John Paulson reportedly made the 11th-hour top bid for Steinway Monday, the Boston Business Journal reported. More

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Manufacturing

Paulson makes last-minute Steinway bid

BLOOMBERG FILE PHOTO/DANIEL ACKER
STEINWAY MUSICAL INSTRUMENTS will be sold to Paulson & Co. under a last-minute offer, unless a higher bid comes by Wednesday.
Posted 8/13/13

NEW YORK – Billionaire hedge-fund manager John Paulson reportedly made the 11th-hour top bid for Steinway Monday, the Boston Business Journal reported.

Steinway did not reveal the identity of the bidder who came in with a $478 million bid toward the end of the go-shop period allowed by Steinway’s $438 million agreement with private equity firm Kohlberg & Co.

The Wall Street Journal, however, reported the $38-per-share topping offer came from Paulson & Co., the investment management firm. Paulson’s New York hedge fund rose to fame for betting against subprime mortgages before the 2008 housing collapse, the Boston Business Journal reported.

Kohlberg had made a deal last month to buy Steinway at $35 a share. Under the deal, Kohlberg would take the Waltham, Mass.-based maker of musical instruments private, according to the Wall Street Journal.

Kohlberg, or another bidder, has until Wednesday to submit a higher bid for Steinway.

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