NAMM News Day 1

Here is the headline from the day at the NAMM show...

On Jan. 16, Steinway Musical Instruments withdrew its $40.5 million offer to acquire the assets of South Bend, Ind.-based Woodwind & Brasswind, the dealership that filed for Chapter 11 bankruptcy protection in November of last year. According to a Steinway statement, the company’s due diligence process revealed information about Woodwind that caused Steinway to withdraw its offer. While there was scant elaboration, Steinway did refer to "a failure of certain conditions necessary to close the transaction." Steinway had made the offer on behalf of its Conn-Selmer subsidiary, the manufacturer of band and orchestral instruments.

The Steinway withdrawal comes after its offer topped by $3.4 million an earlier bid by Guitar Center for Woodwind & Brasswind. Sources in the financial community indicate Guitar Center still has an interest in pursuing the deal. Prior to the NAMM Show, industry rumors also had it that as many as 14 companies have filed the necessary paperwork with the court to potentially be in position to bid on Woodwind & Brasswind.

The Woodwind & Brasswind court auction has been scheduled for Wed., Jan. 24 in South Bend.



What an interesting story this has become!!!

Good show day here. It's my fourth NAMM show and I am still amazed every time I walk in and see how much there is there. It was also neat for me at the show this time around because I was able to meet with lots of people and contacts I have now made in this HUGE industry!!!!!!!