Recreational Products
Kohlberg & Company To Acquire Steinway Musical Instruments Inc
Steinway Musical Instruments Inc announced that it has entered into a definitive agreement to be acquired by an affiliate of Kohlberg & Company in a transaction valued at approximately $438 million. Upon the completion of the transaction, the Company will become a privately held company. Under the terms of the agreement, an affiliate of Kohlberg will commence a tender offer to acquire all of the outstanding shares of the Company's common stock for $35.00 per share in cash, representing a premium of 33% based on the average closing price of the Company's common shares during the 90 trading days ended June 28, 2013, and 45% based on the average closing price during the 52-week period ended June 28, 2013. The board of directors of the Company unanimously recommends that the Company's stockholders tender their shares in the tender offer. Allen & Company LLC is serving as financial advisor to the Company in this transaction. Skadden, Arps, Slate, Meagher & Flom LLP and Gibson, Dunn & Crutcher LLP are acting as legal advisors to the Company. Ropes & Gray LLP is acting as Kohlberg's legal advisor.
CanaDream Corp Purchases Vancouver Location
CanaDream Corp announced the purchase of their Vancouver location at 7110 River Road in Delta, which CanaDream Corporation was presently leasing. Financial terms of the transaction were not disclosed.
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