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#2153572 - 09/19/13 08:51 AM Steinway Acquisition Complete
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
Paulson & Co. Announces Completion of Acquisition of Steinway Musical Instruments


NEW YORK and WALTHAM, Mass., Sept. 19, 2013 /PRNewswire/ -- An affiliate of investment firm Paulson & Co. Inc. ("Paulson") and Steinway Musical Instruments, Inc. ("Steinway" or the "Company") (NYSE: LVB), today announced the successful completion of Paulson's acquisition of Steinway, a global leader in the design, manufacture, marketing and distribution of high quality musical instruments.

John Paulson, President of Paulson & Co. Inc., said, "Over the last 160 years, Steinway has built an unprecedented reputation for excellence. We will uphold that tradition with the continued uncompromising pursuit of perfection."

Michael Sweeney, Chief Executive Officer of Steinway, stated, "As we look forward, we expect the entire Steinway family — dealers, artists and employees — to benefit from the continued execution of our business strategies under Paulson's ownership. Our customers will continue to enjoy the best-in-class musical instruments and service they have come to expect from Steinway."

About the Acquisition
The acquisition was effected through a tender offer followed by a merger. The tender offer, which was made at $40.00 per share pursuant to the definitive merger agreement entered into among affiliates of Paulson and Steinway on August 14, 2013, expired as scheduled at 12:00 midnight, New York City time, at the end of the day on September 18, 2013. As of the expiration of the tender offer, a total of 11,005,781 shares of the Company's common stock, representing approximately 83.8% of the outstanding shares on a fully-diluted basis, were validly tendered into and not validly withdrawn from the tender offer. According to the terms of the tender offer, shares that were validly tendered and not validly withdrawn have been accepted for payment. In accordance with the merger agreement, the parties subsequently completed the acquisition by an affiliate of Paulson merging with and into Steinway with Steinway continuing as the surviving corporation and an affiliate of Paulson. In the merger, each share of the Company's common stock issued and outstanding immediately prior to the effective time of the merger, other than shares held by Paulson, the Company or their respective subsidiaries, and shares held by the Company's stockholders who properly exercised their appraisal rights under Delaware law, was canceled and converted into the right to receive the $40.00 offer price per share, net to the seller in cash, without interest and less any applicable withholding taxes. The Company's shares ceased trading on the NYSE at the close of market on September 18, 2013, and will no longer be listed.
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2153577 - 09/19/13 08:56 AM Re: Steinway Acquisition Complete [Re: Steve Cohen]
Minnesota Marty Offline

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7439
Loc: Rochester MN
And yet, the sun still rose this morning.
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2153597 - 09/19/13 09:23 AM Re: Steinway Acquisition Complete [Re: Steve Cohen]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2153672 - 09/19/13 11:04 AM Re: Steinway Acquisition Complete [Re: Steve Cohen]
Norbert Offline
Yikes! 10000 Post Club Member

Registered: 07/03/01
Posts: 14265
Loc: Surrey, B.C.
Personally I find it far more interesting how a company builds pianos rather than who owns it.

Including mindset, foresight and ability of owners.
It's really all that counts.

In the end, pianos are still pianos.

Norbert
_________________________
www.heritagepianos.com
Greater Vancouver B.C. piano dealers for : C.Sauter, Estonia, Brodmann, Ritmuller
604-951-8642

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#2153766 - 09/19/13 12:57 PM Re: Steinway Acquisition Complete [Re: Norbert]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10528
Loc: Maryland/DC/No. VA
Originally Posted By: Norbert
Personally I find it far more interesting how a company builds pianos rather than who owns it.

Including mindset, foresight and ability of owners.
It's really all that counts.

In the end, pianos are still pianos.

Norbert


The owner usually makes a very significant impact on their instruments.

Look at Steinway's history. look at Estonia, who made fine piano years ago, and then when taken over by the state turned out junk, only to again produce top-quality pianos under Indrek's ownership.

The same is true for Mason & Hamlin pre- and post Aeolian. There are many other examples.
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2153772 - 09/19/13 01:09 PM Re: Steinway Acquisition Complete [Re: Steve Cohen]
Bob Newbie Offline
1000 Post Club Member

Registered: 09/02/06
Posts: 1555
Make one piano..but make it right.. smile


Edited by Bob Newbie (09/19/13 10:01 PM)

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