Steinway Attracts Takeover Interest From China Poly Group: Bloomberg
By Reuters 7 August 2018
Steinway Musical Instruments Inc., best known for its grand pianos and controlled by US hedge fund billionaire John Paulson, has attracted takeover interest from China Poly Group Corp, Bloomberg reported on Monday citing sources.
The state-owned conglomerate is in the early stages of considering an offer and other suitors may also emerge for the Waltham, Massachusetts-based company, Bloomberg said.
Steinway, whose pianos have been used by legendary artists such as Cole Porter and Sergei Rachmaninoff and by contemporary ones like Chinese concert pianist Lang Lang, was taken private by John Paulson’s hedge fund firm, Paulson & Co, for about $512 million in 2013.
Steinway’s brands include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones and Ludwig snare drums.
Steinway & Sons, the piano unit of Steinway Musical Instruments Inc., was founded in 1853 by German immigrant Henry Engelhard Steinway in a Manhattan loft on Varick Street.
Steinway, Paulson & Co did not immediately respond to requests for comment outside regular business hours. China Poly Group could not be reached for comment.