Rival Surfaces in Guitar Center’s Acquisition Bid

Steinway Musical Instruments offered a bid of $40.5 million to buy Woodwind & Brasswind, a higher bid than a standing offer from Guitar Center Inc. A unit of Westlake Village-based Guitar Center Inc. had offered $37.1 million as a stalking horse for the company, which is in bankruptcy proceedings. Guitar Center’s offer also includes the assumption of debt. With the latest move by Steinway, the decision will fall to a bankruptcy judge. A hearing set for today in South Bend, Ind., will determine the bid rules governing the sale.