Buy Bye Barneys New York?

Buy Bye Barneys Jones Apparel Group Inc. finally made public what Wall Street knew all week – that it was selling its wholly-owned subsidiary Barneys New York Inc. for $825 million in cash, subject to purchase price adjustments, to an affiliate of Istithmar, a Dubai-based private equity investment house, in a deal that will close in the third quarter.

One Response to “Buy Bye Barneys New York?”
  1. karvane says:

    Tokyo-based specialty retailer Fast Retailing Co. on Thursday made an unsolicited $900 million bid for Barneys New York to Jones Group, trumping a rival $825 million offer from Dubai-based equity fund Istithmar.

    The bid represents a 9 percent premium over Istithmar’s, Fast Retailing said in a statement that it “had previously communicated its interest in acquiring Barneys to Jones last fall and is submitting its proposal under the provisions of the Jones agreement with Istithmar, which allows Jones to consider superior proposals for Barneys if received prior to July 22, 2007.”