New Bid for Barneys
New York–based apparel manufacturing giant Jones Apparel Group has received an unsolicited bid for its Barneys New York upscale retail chain for $900 million in cash from Japan-based Fast Retailing Co. Last month, Jones accepted a bid for Barneys for $825 million from Istithmar, a private-equity and alternative-investment house based in Dubai. If Jones decides to terminate its deal with Istithmar, the company will be required to pay a termination fee to Istithmar, in accordance with the original purchase agreement.
