Key Developments: Steinway Musical Instruments Inc (LVB)
29.62USD
19 Jun 2013
$0.32 (+1.09%)
$29.30
$29.29
$29.99
$29.13
61,451
27,398
$29.99
$20.61
Latest Key Developments (Source: Significant Developments)
Steinway Musical Instruments Inc Signs Agreement To Sell West 57th Street Building
Steinway Musical Instruments Inc announced that it has entered into an agreement with JDS Development Group to sell its interest in the Steinway Hall building on West 57th Street in New York City for $46 million subject to an upward adjustment associated with certain post-closing conditions. The Steinway Hall building, which is subject to a land lease, is a 247,000-square-foot, 16-story boutique office building that houses the Company's flagship retail showroom. Under the terms of the transaction, Steinway has the right to occupy the premises rent free for a period of 14 months after closing and to extend that period for an additional 4 months subject to an agreed upon rent. Full Article
Steinway Musical Instruments Inc's Steinway & Sons Announces Statement On Antitrust Investigation In Switzerland
Steinway & Sons, a subsidiary of Steinway Musical Instruments Inc, announced that it has been informed by the Antitrust Commission of the Swiss Confederation (WEKO) that WEKO has initiated an investigation into Swiss dealers of Steinway & Sons and into Steinway & Sons Hamburg due to alleged violations of unfair competitive behavior in the distribution of grand and upright pianos. Steinway & Sons has so far no concrete information which competitive behavior is the subject of the investigation and is not aware of having violated Swiss Antitrust Law. Steinway & Sons will cooperate with the Swiss authorities to help clarify the facts as soon as possible Full Article
Steinway Musical Instruments, Inc. Announces Agreement In Principle To Sell Band Division
Steinway Musical Instruments, Inc. announced that it has reached an agreement in principle to sell its band division to an investor group led by two current directors of the Company: Dana Messina, former CEO, and John Stoner, Conn-Selmer President. Samick Musical Instruments Co. Ltd, the owner of 33% of the Company's common stock, will provide a portion of the financing and acquire a significant equity interest in the buyer. The parties expect to execute a definitive Purchase and Sale Agreement, subject to committed financing, in the next 30 to 60 days. The definitive agreement will include a go-shop provision under which the Special Committee of the Board of Directors will be permitted to solicit, receive, evaluate and enter into negotiations with respect to alternative proposals for a 60-day period. The Special Committee, with the assistance of its advisors, will actively solicit alternative proposals during this period. There can be no assurance that this process will result in a superior offer and there can be no assurance that the Company will enter into a definitive agreement for any transaction or that any transaction will be completed. Full Article
Steinway Musical Instruments, Inc.'s CEO Dana Messina Steps Down; Announces Interim CEO Appointment
Steinway Musical Instruments, Inc. announced the resignation of Chief Executive Officer (CEO) Dana Messina. Earlier this year, Steinway announced it was evaluating offers for Company assets and other strategic alternatives. Mr. Messina has agreed to step down as the Company's CEO, a position he has held since 1996, due to his involvement in developing several of the strategic alternatives which the Company is considering. He will remain on Steinway's Board of Directors. Chairman Michael Sweeney will serve as Steinway's CEO for an interim period. He became a director of the Company in April 2011 and was appointed Chairman in July. Full Article
Steinway Musical Instruments, Inc.'s Conn-Selmer, Inc. Announces Employees Strike At Ohio manufacturing facility
Conn-Selmer, Inc., a subsidiary of Steinway Musical Instruments, Inc. announced that employees with Local 2359 of the United Auto Workers (UAW) went on strike at the Company's Eastlake, Ohio manufacturing facility. The Company's labor contract with the union expired on February 15, 2011 and hourly employees have been working without a contract since that time. The UAW represents approximately 230 employees at Conn-Selmer's Eastlake, Ohio brass instrument facility. This equates to 28% of the band segment workforce. The Company anticipates it will be able to meet most customer needs for several months with its existing finished goods inventory, production from its Indiana brass instrument facility and foreign sources. Full Article
TEXT - S&P raises Steinway Musical Instruments to 'B+'
Overview -- A special committee of the Board of Directors of U.S.-based Steinway Musical Instruments Inc. has ended its strategic alternatives evaluation process, and will neither divest its band division nor the entire company. -- We are raising our corporate credit rating to 'B+' from 'B' reflecting improved credit metrics following better operating performance and debt reduction. -- We are also raising the issue-level rating on the company's 7% senior unsecured notes due 2
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