Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, April 22, 2022

Article Excerpt

STEINWAY MUSICAL INSTRUMENTS HOLDINGS INC. has filed paperwork with U.S. regulators for an initial public offering (IPO) of common shares. The shares will trade on New York under the symbol STWY. The company is planning to have two classes of shares with Class B shareholders entitled to 10 votes per share, versus the one vote for share assigned to Class A shareholders. Steinway will use the stock symbol STWY, a departure from last time it was a public company (more on that below) when it used the symbol LVB as a tribute to Ludwig van Beethoven. Steinway was founded in 1853 by Henry Engelhard Steinway, a German immigrant to the U.S. He developed the first Steinway piano in a Manhattan loft. The company now produces pianos from its plants in Astoria, New York, and Hamburg, Germany. The prices of its grand pianos range from $60,000 to $340,000. The company sells its pianos through 33 company-owned retail showrooms and a network of about 180…