Steinway Musical Gets Regulatory Approval For Acquisition By Paulson & Co

(RTTNews) - Steinway Musical Instruments Inc. (LVB) and investment firm Paulson & Co. Inc. announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the previously announced proposed acquisition of all outstanding shares of common stock of the Company by Pianissimo Acquisition Corp., an affiliate of Paulson.

Accordingly, the condition to the closing of the Acquisition with respect to the expiration of the applicable waiting period under the HSR Act has been satisfied, Steinway said.

On 14th August 2013, Steinway Musical Instruments agreed to be taken private by investment firm Paulson & Co., Inc. for $40 per share in a deal valued at about $512 million after the offer was deemed superior to the Kohlberg & Co. LLC deal that was agreed upon in early July.

Investment firm Kohlberg had agreed on July 1 to take Musical private for $38 per share in a deal valued at about $438 million.

On August 21, 2013, Pianissimo commenced a cash tender offer to acquire all of the outstanding shares of the Company's common stock.

The tender offer will expire at midnight, New York City time, at the end of the day on September 18, 2013, unless extended.