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Business

Paulson plays for Steinway

By
Josh Kosman
Published Aug. 13, 2013, 4:00 a.m. ET

Hedge-fund tycoon John Paulson is singing a new tune with a bid for legendary piano maker Steinway.

Paulson & Co. has teamed with interim Steinway CEO Michael Sweeney on a $38-a-share offer for the company, besting the $35-a-share proposal last month from private-equity firm Kohlberg & Co., The Post has learned.

The offer marks the first time Paulson — who is known primarily as a trader — has taken the lead on a leveraged buyout, although he has been part of bidding consortiums in the past for lender IndyMac and Extended Stay Hotels. Paulson & Co. declined comment.

Steinway revealed yesterday that it had received a superior $450 million offer during a 45-day go-shop period from “an affiliate of an investment firm with over $15 billion under management” but did not disclose the name. Paulson & Co. manages roughly that amount.

Steinway shares surged more than 9 percent, to $39.59, on news of a rival bid.

The 160-year-old company, based in Waltham, Mass., said in July that it had agreed to sell itself to Kohlberg & Co. for about $438 million.