Waltham's Steinway Sold for Over $500 Million

Famed piano maker Steinway already had a $438 million offer to sell the company, and now the ante has been upped – twice.

First, an unidentified bidder offered $38 a share – amounting to $477 million, but on Wednesday the price went up to $40 a share – or $512 million for the Waltham-based company, according to a report by Reuters.

Hedge fund manager John Paulson was the winning bidder for the 160-year-old company. Offers can still be made until the deal closes in 25 days.

The high-end piano maker reportedly suffered during the economic downturn.