The Steinway Musical Instruments Inc. takeover saga reached an apparent coda Wednesday when the Waltham company agreed to a $512 million merger agreement with the hedge fund firm managed by billionaire John Paulson.
Steinway accepted an offer of $40 per share from Paulson & Co., about six weeks after the famed piano maker had agreed to a lower bid from a private equity firm. The instrument company had first accepted a $35 per share proposal from Kohlberg & Co., triggering a round of bidding that eventually led to Paulson’s successful offer.
“The Company’s proven business model and highly skilled employees provide a strong foundation on which to expand,” Paulson said in a statement. “We fully intend to maintain the superb quality of Steinway’s musical instruments, which are the finest in the world.” Full story for BostonGlobe.com subscribers.