Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
Steinway Announces Conclusion of Evaluation of Strategic Alternatives

WALTHAM, Mass., Dec. 26, 2012 /PRNewswire/ -- Steinway Musical Instruments, Inc. (NYSE: LVB), one of the world's leading manufacturers of musical instruments, announced today the conclusion of its previously announced evaluation of strategic alternatives.

In July 2011, after receiving an unsolicited proposal to acquire the Company's band instrument division, Steinway's Board of Directors engaged Allen & Company LLC to assist a Special Committee of the Board in evaluating the proposal and other strategic alternatives available to the Company. As part of that process, the Special Committee evaluated a wide range of alternatives to enhance shareholder value, including a sale of the Company's band division and a sale of the entire Company.

Over the course of the evaluation process, a broad range of domestic and international industry participants and private equity sources were solicited. The Special Committee had extensive discussions with several parties and received several non-binding indications of interest related to the sale of the Company. After careful consideration of the results of the process, the Company's current business strategy, economic and marketplace considerations and the recommendation of the Special Committee, the Board of Directors has ended the strategic alternatives evaluation process.

The Company previously announced that it had reached an agreement in principle to sell its band instrument division to an investor group led by two current Board members: Dana Messina, former CEO, and John Stoner, Conn-Selmer President. The Special Committee had extensive negotiations with this investor group. Upon the recommendation of the Special Committee and in light of current operating performance of the band division, the Board of Directors concluded that entering into a definitive agreement on the terms negotiated with the investor group would not be in the best interests of the Company's shareholders at this time. Accordingly, the Company has terminated the agreement in principle and all related discussions with the investor group.

Michael Sweeney, Chairman and CEO, commented, "The Special Committee, with assistance from its financial and legal advisors, considered a number of strategic alternatives. However, in the end, the Board of Directors concluded that none of the alternatives presented generated shareholder value superior to the value inherent in the Company's strategic plan. We will continue to focus management's efforts on execution of that plan and we look forward to a prosperous 2013."

The Company also previously announced that it entered into a non-binding letter of intent to sell its leasehold interest in the Steinway Hall building on West 57th Street in New York City. The Company did not reach a definitive agreement with respect to the sale during the exclusivity period under the letter of intent. However, the Company has continued negotiations with the potential buyer and also entered into additional discussions with other parties with respect to the property. No assurance can be made that a definitive agreement will be reached or that any transaction will be completed. Discussions regarding a potential transaction involving Steinway Hall are separate from the strategic alternatives evaluation process.

Conference Call  
Chairman and CEO Michael Sweeney will host a conference call to further discuss the matters contained in this press release on Wednesday, January 2, 2013, beginning at 5:00 p.m. ET. A live webcast and an archive of the call will be available to all interested parties on the Company's website, www.steinwaymusical.com.

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

 

SOURCE Steinway Musical Instruments, Inc.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest AJAXWorld RIA Stories
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even cod...
The National Cyber Security Awareness Month is transitory, but many of the decisions we have made around the adoption of technology within our personal and business have brought with them risks that will stay with us for a while. A good example of this is the deployment and proli...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structu...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is no...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Busin...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021


SYS-CON Featured Whitepapers
ADS BY GOOGLE