Steinway (LVB) to Sell Band Division to Investor Group Led by 2 Directors
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Steinway Musical Instruments, Inc. (NYSE: LVB) announced today 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. The Special Committee, with the assistance of its advisors, will actively solicit alternative proposals during this period. There can be no assurance that this process will result in a superior offer and there can be no assurance that the Company will enter into a definitive agreement for any transaction or that any transaction will be completed.
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. The Special Committee, with the assistance of its advisors, will actively solicit alternative proposals during this period. There can be no assurance that this process will result in a superior offer and there can be no assurance that the Company will enter into a definitive agreement for any transaction or that any transaction will be completed.
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