Got this off the Piano World Newsletter. At least it won't be call "Bank of America Piano Co." or something similiar
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Steinway Piano Company Sold!

After much speculation and many discussions on our forums the real answer is finally here.

Steinway Musical Instruments Inc., best known for its grand pianos, agreed on Wednesday to be taken private by Paulson & Co. after the hedge fund firm raised its offer to $40 per share, valuing the 160-year old company at about $512-million (U.S.)
Steinway shares rose above the Paulson bid, touching a high of $41.60, suggesting some investors expect a higher offer.
The piano maker caters to the tastes of the rich and famous, a market known to be more resilient to economic shifts, said CJS Securities Inc analyst Arnold Ursaner.
"When you are dealing with any global luxury brand, the value is in the eye of the beholder. To me it's no different than a work of art, it's what someone is willing to pay for that unique asset. The piano business of Steinway has a great pedigree and is not easy to come by," Ursaner said.
A leveraged buyout of Steinway represents an unusual private equity-style deal for hedge fund mogul John Paulson, who shot to fame in 2007 with a prescient bet against subprime mortgages and repeated his success in 2009 with a bet on gold.
"We will proudly support the company's legacy as the premier global piano manufacturer, a reputation earned with an uncompromising commitment to quality appreciated by almost all of the world's most demanding pianists," Paulson said in a statement.
He added he does not plan to close, relocate or change any of the company's manufacturing operations.


Edited by Bill Lewis (08/16/13 02:12 PM)
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Bill in SC --- Roland BK9 (2) Roland BK7M, Roland PK5 Pedals, Roland FP90, Roland CM30 (2), JBL Eon Ones (2) JBL 610 Monitor, Behringer Sub, EV mics, Apple iPad (2) Behringer DJ mixer