Parent company of Elkhart-based Conn-Selmer sold - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Parent company of Elkhart-based Conn-Selmer sold

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Steinway, the company best known for its pianos and the parent company of Elkhart-based Conn-Selmer, is being sold for $499 million.

Investment firm Paulson & Co. bid $40 a share for Steinway, outbidding Kohlberg & Co. by $3 a share.

Steinway, which is being taken private, will have to pay a Kohlberg & Co. a termination fee of about $6.7 million. Paulson will open a tender offer for shares of Steinway Musical Instruments Inc. within the next five days.

Selmer Industries acquired Steinway Musical Properties in 1995. The company changed names and in August 1996 issued an IPO as Steinway Musical Instruments.

Conn-Selmer operates several production facilities across the country, including one in Elkhart.  

The Associated Press contributed to this story

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