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Steinway to be taken private by Paulson & Co for $512 mln

Aug 14 (Reuters) - Steinway Musical Instruments Inc said it would be taken private by Paulson & Co Inc after the hedge fund firm raised its offer to $40 per share, valuing the company at about $512 million.

Steinway, famous for its grand pianos, said on Monday it had received a bid of $38 per share from an unidentified asset manager that beat an earlier offer from Kohlberg & Co of $35 per share.

A source later identified the bidder as John Paulson’s hedge fund firm.

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