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August 08, 2007
Jones, Istithmar Reach New $942M Agreement
In the face of competition from a Japanese rival, Dubai-based private equity group Istithmar has raised its bid for Barneys New York to $942.3 million. Jones Apparel Group, which owns Barneys, previously agreed to an $825 million bid from Istithmar, but reconsidered after getting a higher offer from Japan’s Fast Retailing.
Under the new agreement with Istithmar, Fast is allowed to make one more offer for Barneys before Jones decides if it will accept the Dubai group’s bid.
Posted by Blacks on August 8, 2007 11:16 AM
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