The bidding for high end retailer, Barney's New York, owned by The Jones Apparel Group, has been ongoing for months now. Barneys is currently in a definitive agreement with Istithmar, a Dubai based private equity and alternative investment house for $825.0 million in cash. However today it is reported that fast Retailing Co. Ltd. submitted a definitive proposal on to acquire Barneys New York from Jones Apparel Group for $900 million in cash. The current agreement with Istithmar remains in full force and effect.If Jones were to end its agreement with Istithmar, it would be required to pay the Istithmar affiliate a termination fee of $22.7 million.
Stay tuned to find out who ends up purchasing the lovely store! Any thoughts on preference of purchaser?
Source and Photo Cred: WWD and bridgeandtunnelclub.com
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