In the course of negotiations, conducted by Dillon, Read & Co., CBS agrees to exchange 375,000 of its shares, at $54.50 per share, for 55,448 Steinway & Sons shares, at $367 per share (more than three times as much as Steinway & Sons had been willing to pay in 1966 for each share owned by William Rosenwald). Additionally, CBS will pay approximately $6,400,000 premium for the name Steinway & Sons (which, in the company’s own books, has the price of $1). The resulting $26,749,416 price for Steinway & Sons is equivalent of less than a five-day workweek’s income for CBS. The deal is described not as a purchase, but as a “reverse merger”: CBS Musical Instruments, Inc. will be merged into Steinway & Sons, which will be owned by CBS.