New buyout bid for Steinway

<p>Steinway Musical Instruments could be sold.</p>

A fresh buyout bid has been made for Steinway Musical Instruments, with the latest offer for the company valuing it in excess of £300 million.

An investment firm with more than $15 billion under management is believed to be behind the bid, which is worth $477 million (£308 million).

This is well in excess of the previous offer that was made for the company by private equity firm Kohlberg & Co, which valued Steinway at $438 million in its bid.

Christopher Anderson, a partner at Kohlberg, previously promised that he would aim "to preserve and support everything that makes a Steinway piano special" if he was successful in his bid to buy the musical instruments manufacturer.

Steinway shares were up by than nine per cent to $39.59 on news of the new approach.

Later today (August 13th), stocks will open on the New York Stock Exchange at $39.59 and are expected to rise further due to the offer from the investment firm.

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