Steinway accepts $512 million sale


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.