Kohlberg & Co will not revise it’s offer for Steinway Musical Instruments and has quit the bidding process. Last week, the company of the hedge fund manager John Paulson had proposed a higher offer for Steinway. Kohlberg was notified by Steinway on Sunday that it had received this new cash offer of $38 a share, or $475m, topping the private equity group’s proposal of $35 a share announced in July.

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