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* Private equity firm Kohlberg & Co, which offered lastmonth to buy Steinway Musical Instruments Inc, said onTuesday that it would not seek to raise its bid in the face of arival offer. That puts Steinway in a position to complete abuyout deal with the rival bidder, which offered this week tobuy the company for $38 a share, or about $475 million. Therival bidder, which has not been publicly identified, is thehedge fund Paulson & Co, according to a person briefed on thematter. ()
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