Steinway Announces Agreement in Principle to Sell Band Division

Posted on March 13, 2012

WALTHAM, MA - January 20, 2012 - Steinway Musical Instruments, Inc.

(NYSE:LVB), one of the world's leading manufacturers of musical instruments, 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.

About Steinway Musical Instruments

Steinway Musical Instruments, Inc., through its Steinway and Conn-Selmer divisions, is a global leader in the design, manufacture, marketing and distribution of high quality musical instruments. These products include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums and Steinway & Sons pianos. Through its online music retailer, ArkivMusic, the Company also produces and distributes classical music recordings. For more information about Steinway Musical Instruments, Inc. please visit the Company's website at www.steinwaymusical.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This release contains "forward-looking statements" which represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated in this release.  Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.  

Contact:          Julie A. Theriault

Telephone:       781-894-9770

Email:              ir@steinwaymusical.com

Steinway Musical Instruments, Inc.

800 South Street

Suite 305

Waltham, MA 02453

 

About Conn-Selmer

Conn-Selmer, under a portfolio of brands, is the leading manufacturer and distributor of musical instruments for student, amateur, and professional use.  With a tradition of innovation, and superior musical performance, brands such as Vincent Bach, CG Conn, King, Holton, Selmer, Armstrong, Leblanc, Ludwig, Musser, Scherl & Roth, Glaesel, and William Lewis have earned a legacy of respect unparalleled by any other builders.  Conn-Selmer is also the North American distributor of Selmer Paris woodwinds, the US distributor of Yanagisawa saxophones, and the global distributor of the Jiggs pBone (the world's only plastic trombone).  With a focus on quality craftsmanship, Conn-Selmer operates US production facilities in Elkhart, IN, Cleveland, OH, Eastlake, OH, Lagrange, IL, and Monroe, NC.  Through its educational outreach team, led by Dr. Tim Lautzenheiser, Conn-Selmer is the industry leader in providing support and advocacy tools specifically tailored to music education.  For more information on the complete line of instruments, services, and support available from Conn-Selmer, visit www.conn-selmer.com.

Comments:

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