Steinberg was best known for a string of audacious takeover bids, including a successful one in 1968 for Reliance Insurance Company. Reliance was 10 times larger than the computer leasing company he had founded seven years earlier at the age of 22 and then taken public.
Also famous were his unsuccessful attempts to take over Chemical Bank in 1969 and Walt Disney Productions in 1984.
Steinberg was an avid art collector and major benefactor of the University of Pennsylvania's Wharton School of Business. He is survived by a wife and six children.
Steinberg's son Jonathan is married to CNBC's Maria Bartiromo.
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