Steinway Announces Agreement in Principle to Sell Band Division
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.
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