Steinway Musical announced that it received a definitive offer to acquire all of the outstanding shares of the company's common stock at a purchase price of $38.00 per share in cash from an affiliate of an investment firm with over $15B under management. The definitive offer includes a fully negotiated merger agreement and the related financing commitments. After careful consideration and consultation with its financial advisors and legal counsel, the company's board has determined that the offer constitutes a Superior Proposal, as defined in the previously announced Agreement and Plan of Merger dated June 30 by and among the Company and affiliates of Kohlberg & Company, pursuant to which Kohlberg agreed to acquire all of the outstanding shares of the Company's common stock at a purchase price of $35.00 per share in cash. In accordance with the Kohlberg Merger Agreement, the company provided notice to Kohlberg on August 11, 2013 of the board's determination that the offer from the bidder constitutes a Superior Proposal, and that the company is prepared to negotiate in good faith with Kohlberg, if Kohlberg so desires, to adjust the terms of the Kohlberg Merger Agreement such that the offer from the bidder no longer constitutes a Superior Proposal.