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Steinway Seen Striking Chord With Rival Bidders: Real M&A

Steinway Musical Instruments Inc. has investors wagering that the maker of $137,000 grand pianos can secure a richer takeover offer.

Steinway has traded above the $35-a-share agreement with private-equity firm Kohlberg & Co. since it was announced July 1, touching as high as $37.04, according to data compiled by Bloomberg. Albert Fried & Co. said traders expect the owner of the 160-year-old piano maker to get a higher bid during the 45-day go-shop period, potentially from other buyout firms, after Steinway sold its stake in Manhattan’s Steinway Hall last month.