Key Developments: Steinway Musical Instruments Inc (LVB.N)

LVB.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Law Office of Brodsky & Smith, LLC Announces Investigation Of Steinway Musical Instruments Inc
Saturday, 13 Jul 2013 08:00am EDT 

Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Steinway Musical Instruments Inc. Under the terms of the transaction, Steinway shareholders will receive only $35.00 in cash for each share of Steinway stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Steinway for not acting in the Company’s shareholders' best interests in connection with the sale process. The transaction may undervalue Steinway as the price being paid appears below multiples of comparable transactions.  Full Article

Lifshitz Law Firm Announces Investigation Of Steinway Musical Instruments Inc
Wednesday, 10 Jul 2013 07:06pm EDT 

Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Steinway Musical Instruments, Inc. (Steinway) (LVB) to an affiliate of Kohlberg & Company in an all-cash transaction valued at approximately $438 million or $35.00 per share. Lifshitz Law Firm's investigation is focused on whether the proposed deal provides adequate value to Steinway's shareholders.  Full Article

Levi & Korsinsky Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Steinway Musical Instruments Inc
Monday, 8 Jul 2013 06:25pm EDT 

Levi & Korsinsky announced that it is investigating the Board of Directors of Steinway Musical Instruments Inc for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Kohlberg & Company.  Full Article

Law Firm Kirby McInerney LLP Announces Investigation of Steinway Musical Instruments Inc
Monday, 8 Jul 2013 11:15am EDT 

Kirby McInerney LLP announced that it is investigating potential claims against the Board of Directors of Steinway Musical Instruments Inc (Steinway or the Company) related to the proposed acquisition of the Company by an affiliate of Kohlberg & Company ("Kohlberg"). Under the terms of the transaction, Kohlberg will purchase all of the outstanding common stock of Steinway for $35.00 per share in cash, for a total transaction value of approximately $438 million. The investigation concerns whether the Steinway Board of Directors violated its fiduciary duties by agreeing to this transaction and whether the proposed $35.00 per share consideration adequately values Steinway common shares.  Full Article

Law Office of Brodsky & Smith, LLC Announces Investigation of Steinway Musical Instruments Inc
Tuesday, 2 Jul 2013 04:23pm EDT 

Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Steinway Musical Instruments Inc (Steinway or the Company) relating to the proposed acquisition by an affiliate of Kohlberg & Company (Kohlberg). Under the terms of the transaction, Steinway shareholders will receive only $35.00 in cash for each share of Steinway stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Steinway for not acting in the Company's shareholders' best interests in connection with the sale process. The transaction may undervalue Steinway as the price being paid appears below multiples of comparable transactions.  Full Article

Pomerantz Law Firm Announces Investigation of Steinway Musical Instruments Inc
Tuesday, 2 Jul 2013 11:38am EDT 

Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it is investigating claims on behalf of investors of Steinway Musical Instruments Inc (Steinway or the Company) concerning the proposed acquisition of Steinway by an affiliate of Kohlberg & Company in a transaction valued at approximately $438 million. The investigation concerns whether the Steinway directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Steinway shareholders will be entitled to receive $35.00 per share in cash for each share of Steinway common stock. However, the price to EBIT and Net Income multiples are below the average of comparable transactions.  Full Article

Ryan & Maniskas, LLP Announces Investigation of Steinway Musical Instruments Inc
Tuesday, 2 Jul 2013 11:19am EDT 

Ryan & Maniskas, LLP announced it is investigating potential claims against the board of directors of Steinway Musical Instruments Inc (Steinway or the Company) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to an affiliate of Kohlberg & Company in a deal valued at approximately $438 million. Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Steinway.  Full Article

Levi & Korsinsky Announces Investigation Of Steinway Musical Instruments, Inc.
Tuesday, 2 Jul 2013 07:13am EDT 

Levi & Korsinsky announced that it is investigating the Board of Directors of Steinway Musical Instruments, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Kohlberg & Company. Under the terms of the transaction, Steinway shareholders will receive $35.00 for each share of Steinway stock they own. The transaction has a total approximate value of $438 million. The investigation concerns whether the Steinway Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Kohlberg & Company is underpaying for Steinway, thus unlawfully harming Steinway shareholders.  Full Article

Harwood Feffer LLP Announces Investigation Of Steinway Musical Instruments Inc
Monday, 1 Jul 2013 09:25pm EDT 

Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Steinway Musical Instruments Inc concerning the proposed acquisition of the Company by an affiliate of Kohlberg & Co. (Kohlberg). On July 1, 2013, Steinway announced that it had entered into a definitive agreement pursuant to which the Company will be acquired by Kohlberg. Under the terms of the agreement, Steinway shareholders will receive $35 for each share owned. The investigation concerns whether the Steinway board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.  Full Article

Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches Investigation of Steinway Musical Instruments Inc Over Proposed Sale to Kohlberg & Company
Monday, 1 Jul 2013 07:00pm EDT 

Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that is investigating the Board of Directors of Steinway Musical Instruments Inc for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Kohlberg & Company in a deal valued at approximately $438 million. Under the terms of the proposed transaction, Steinway’s stockholders will receive $35.00 in cash for each share of Steinway common stock they own. The investigation focuses on whether Steinway’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Steinway’s shareholders.  Full Article

Kohlberg to buy grand piano maker Steinway for $438 million

NEW YORK - Steinway Musical Instruments Inc. , the 160-year-old manufacturer of pianos, saxophones and trumpets, said on Monday it had agreed to be acquired by private equity firm Kohlberg & Co. in a deal valued at about $438 million.

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