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August 06, 2007
Fast Retailing, Istithmar Raise Bids For Barneys
The bidding war for Barneys New York has heated up, as both of its suitors raised their offers over the weekend. Japan’s Fast Retailing upped its bid for the upscale department store to $950 million from $900 million, and Dubai-based Istithmar made a new offer of $900 million.
Jones Apparel Group, which owns Barneys, accepted Istithmar’s original offer of $825 million in June but the company is now weighing its options. If it backs out of the deal, it will have to pay a termination fee of $22.7 million.
Posted by Blacks on August 6, 2007 09:22 AM
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