Steinway accepts $512 million sale

AFP-JIJI

Steinway Musical Instruments, maker of the legendary Steinway grand piano, agreed Wednesday to be taken over by the Paulson and Co. investment group after Paulson upped its offer to $512 million.

Steinway said the two sides had entered a definitive agreement for the takeover, two days after Paulson upended the July offer by Kohlberg and Co. of $35 a share with a $38 bid.

Kohlberg bowed out Tuesday as Paulson upped its offer to $40, sealing the deal to take the public company private.