Jones accepts bid for Barneys
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Jones Apparel Group Inc., the maker of Jones New York clothing and Nine West shoes, accepted a sweetened $942.3-million offer for its Barneys New York luxury department store unit from Dubai investment firm Istithmar.
Fast Retailing Co., Asia’s largest apparel retailer, said it was evaluating whether pursuing Barneys would be in its shareholders’ best interests. Fast has until 5 p.m. Eastern time today to raise its $950-million bid.
Jones, based in Bristol, Pa., would have to pay a $34.7-million breakup fee should it cancel the Istithmar agreement, making the Fast bid worth less.
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