Key Developments: Steinway Musical Instruments Inc (LVB.N)
35.29USD
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$0.01 (+0.03%)
$35.28
$35.25
$35.36
$35.13
36,297
11,730
$35.41
$20.75
Latest Key Developments (Source: Significant Developments)
Pomerantz Law Firm Investigates Claims on Behalf of Investors of Steinway Musical Instruments Inc
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
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.
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
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
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
Morgan & Morgan Announces Investigation Of Steinway Musical Instruments Inc. Buyout
Morgan & Morgan announced that it is investigating potential legal claims against the board of directors of Steinway Musical Instruments Inc. (Steinway) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Kohlberg & Company (Kohlberg) in a transaction valued at approximately $438 million. Under the terms of the proposal, public shareholders of Steinway Musical Instruments, Inc. will receive $35.00 per share in cash for each share of Steinway they own. Full Article
Finkelstein Thompson LLP Announces Investigation of Steinway Musical Instruments Inc
The law firm of Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of Steinway Musical Instruments Inc (Steinway or the Company), concerning the proposed acquisition of the Company by private equity firm Kohlberg & Company (Kohlberg). Under the terms of the agreement, Kohlberg expects to launch a cash tender offer for all outstanding shares of Steinway`s common stock, in which the Company`s shareholders would receive $35.00 per share. The transaction is valued at $438 million. The investigation is focused on the potential unfairness of the consideration to shareholders, the process by which the Company`s Board of Directors considered the transaction, as well as potential conflicts of interest among Steinway`s Board members. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate Sale Of Steinway Musical Instruments Inc To Kohlberg & Company
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Steinway Musical Instruments Inc to Kohlberg & Company for shareholders. Under the terms of the proposed sale, Steinway Musical shareholders will only receive $35.00 for each share Steinway Musical stock owned. The proposed buyout is valued at approximately $438 million. Full Article
Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Steinway Musical Instruments Inc
Levi & Korsinsky announced that it is investigating the Board of Directors of Steinway Musical Instruments Inc (Steinway or the Company) 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
Rigrodsky & Long, P.A. Announces Investigation Of Steinway Musical Instruments Inc Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Steinway Musical Instruments Inc regarding possible breaches of fiduciary duties and other violations of law related to the Company`s entry into an agreement to be acquired by an affiliate of Kohlberg & Company (Kohlberg) in a transaction valued at approximately $438 million. The investigation concerns whether Steinway`s board of directors failed to adequately shop the Company and obtain the best possible value for Steinway`s shareholders before entering into an agreement with Kohlberg. 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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