John Paulson emerges as new Steinway bidder

Aug 13, 2013, 1:22 PM EDT

Pianist Nick van Bloss performs at a Steinway grand piano at the The Institut Francais on March 22, 2024 in London, England.

Getty Images/Amy T. Zielinski

Hedge fund manager John Paulson has emerged as the second bidder for grand piano maker Steinway Musical Instruments, leading private equity group Kohlberg & Co. to drop out of the bidding. Paulson is reportedly offering $38 a share, topping Kohlberg's $35 a share offer made in July. Paulson's bid values the 160-year old Steinway at $475 million.