Steinway Musical Instruments Inc. has withdrawn its $40.5 million offer for the assets of The Woodwind & The Brasswind, a bankrupt South Bend maker of school band instruments.
Steinway “has concluded that there will be a failure of certain conditions necessary to close the transaction,” the company said in a statement. It did not elaborate on the conditions.
Waltham, Mass.-based Steinway made the offer through its Conn-Selmer unit, which has a Vincent Bach instrument plant in nearby Elkhart, according to the South Bend Tribune.
Guitar Center Inc. of Westlake Village, Calif., told the newspaper it is still interested in buying Woodwind & Brasswind. Its offer was $3.4 million below Steinway’s.
Woodwind & Brasswind sought Chapter 11 bankruptcy protection in November after losing a civil lawsuit against two former owners.