Steinway Musical Instruments Inc. received a $475 million takeover offer from an unidentified investment firm, topping Kohlberg & Co.’s bid from last month and setting the stage for a bidding war for the owner of the 160-year-old piano maker.

The offer of $38 a share in cash, higher than Kohlberg’s $35-a-share bid, was from an affiliate of an investment firm with more than $15 billion under management, Waltham, Massachusetts-based Steinway said today in a statement, without naming the bidder. Julie Theriault, a spokeswoman, said that while the latest bidder asked for its identity to be kept secret, it would be revealed if a merger agreement was signed.

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