WALTHAM, Mass. - The famed piano maker Steinway is being acquired by private equity firm Kohlberg
Steinway, which has been in business for 160 years, said previously that was looking into selling the company.
Kohlberg, which would take the company private, will start a tender offer to buy all of Steinway's outstanding stock for $35 per share, a 15 per cent premium to its Friday closing price of $30.43.
The board of the Waltham, Mass., company unanimously recommended Monday that shareholders tender their stock.
The deal includes a 45-day "go-shop" period in which Steinway may seek out alternative bids.
Shares of Steinway Musical Instruments Inc. jumped 15 per cent in early trading.