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News Breaks
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January 20, 2012
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| 09:21 EDT |  | LVB |
| theflyonthewall.com: | Steinway Musical announces agreement in principle to sell band division | | Steinway Musical Instruments announced that it has reached an agreement in principle to sell its band division to an investor group led by two current directors of the Company: Dana Messina, former CEO, and John Stoner, Conn-Selmer President. Samick Musical Instruments Co. Ltd, the owner of 33% of the Company's common stock, will provide a portion of the financing and acquire a significant equity interest in the buyer. The parties expect to execute a definitive Purchase and Sale Agreement, subject to committed financing, in the next 30 to 60 days. The definitive agreement will include a "go-shop" provision under which the Special Committee of the Board of Directors will be permitted to solicit, receive, evaluate and enter into negotiations with respect to alternative proposals for a 60-day period. :theflyonthewall.com |
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