Thursday, July 05, 2007

Walk-off Over Barneys?

Fast Retailing Co., a Tokyo-based specialty retailer (and parent company of Uniqlo), made a $900 billion bid to the Jones Group for Barneys today, a move that represents a 9% premium over the Dubai-based private equity firm Istithmar. As we reported 2 weeks ago, Jones "sold" Barneys to Istithmar for $825 million but according to a statement made by Fast Retailing, "[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.” Not sure what will follow but if Tokyo pulls it out, NY Jews can breathe a big sigh of relief.


Previously: Breaking: Barneys Sold!