Guitar Center Pulls Plug on Offer

The Guitar Center said today it has pulled its offer to acquire The Woodwind & The Brasswind after another bidder emerged for the retailer. Guitar Center had offered $37.1 million as a stalking horse for the company, which is in bankruptcy. But soon after, Steinway Musical Instruments offered $40.5 million. The assets of The Woodwind & The Brasswind will be sold at bankruptcy auction on Jan. 24.