John Paulson, king of hedge funds, has won the auction for the historic manufacturer of pianos and other musical instruments Steinway. In fact, the Board of Directors of the musical instrument manufacturer accepted the offer of 40 dollars per share, or 503 million dollars, put in place by the funds led by John Paulson who will thus have complete control of the group which will be delisted.
Paulson, raised the price of the previous offer, equal to 38 dollars per share, which had already exceeded the 35 dollars proposed by the operator of private equity Kohlberf Kravis & Roberts. Yesterday, Khr communicated that he would not match Paulson's offer.
Paulson has risen to the headlines for many other operations: the greatest successes he had obtained in bets on the collapse of the real estate market in 2008.
