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1、FortheexclusiveuseofJ.WANGHarvardBusinessSchool9-500-028Rev.February3,2000Steinway&Sons:BuyingaLegend(A)OnApril19,1995,DanaMessina(HBS‘87)openedhisNewYorkTimestoseetheheadline“Steinway&SonsisSoldfor$100Million.”Onedayearlier,heandKyleKirkland(StanfordMBA’88),h
2、adfinalizedtheirpurchaseofthelegendarypianomakerbytheSelmerCompany,amakerofbandinstrumentsthatthetwomenhadpurchasedcontrollinginterestintwoyearsearlier.InscanningtheNewYorkTimesarticle(seeExhibit1),DanaMessinareadthat“…peoplefamiliarwithSteinwayandthepianoindu
3、stry’sproblems…wereamazedthatthecompanyfetched[$100million].”Onecriticofthedealwentsofarastoclaimthatthe$100millionpricewas“anextraordinarynumber,anddoesnotseemrational.”Readingthis,MessinacouldnothelpbutwonderwhatheandKirklandhadjustgottenthemselvesinto.First
4、,therewerealmostnosynergiesbetweenSelmerandSteinway.Second,theunitsaleofSteinwaygrandpianoshadslippedfrom3,576in1990to2,698in1994.Third,Yamaha,aJapanesepianopowerhouse,continueditseffortstochallengeSteinwayasthemakeroftheworld’sfinestconcertgrandpiano.Finally,
5、MessinaquestionedSteinway’srecentintroductionofamid-pricedlineofpianos,marketedunderthenameBostonPiano.ManufacturedundercontractbyaJapanesecompetitorandwithapricetaglessthanhalfthatofacomparablysizedSteinway,BostonPianorepresentedasignificantdeparturefromtheha
6、ndcraftedpianosthatmadeSteinwayfamous.Atthesametime,Messinawasexcitedbythepossibilities.Firstandforemost,Steinwaywasthepre-eminentbrandnameinthemusicbusinessandtheproducerofthehighestqualitygrandpianosintheworld.Forover100years,Steinwaywasthepianoofchoiceforth
7、eworld’sgreatestartistsincludingRubinstein,RachmaninoffandHorowitz.Second,economicconditionswereimprovingintheU.S.andEurope,Steinway’stwolargestmarkets.Third,SteinwayhadyettotakefulladvantageofagrowingAsianmarket.Finally,Steinwaywasacompanythatwouldbefuntoown.
8、AsKirklandrecalled,“whowouldhavebelievedthatacoupleof33-yearoldinvestmentbankerscouldenduponeowningoneofthegreatestnamesinallofmusic.”TheSteinwayPurchase–April18,1995OnApril18,1995
