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July 05, 2007
Japanese Company Makes $900M Bid For Barneys
Jones Apparel Group has received a rival bid for Barneys New York that pushes the price point to $900 million. This trumps an existing offer of $825 million from Dubai-based private equity firm Istithmar, which Jones has already accepted.
The new bid comes from the Japanese clothing company Fast Retailing, which has 1,800 specialty stores sprinkled across 12 countries.
If Jones decides to go with the higher bid, it will have to pay Istithmar a breakup fee of $20.6 million to $22.7 million, depending on when the agreement is terminated.
Posted by Blacks on July 5, 2007 09:14 AM
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