News Flash

Fast Retailing offer a superior transaction: Jones Apparel

02 Aug '07

1 min read

Jones Apparel Group Inc announced that it has received a revised offer from Fast Retailing Co Ltd ("Fast") to acquire Jones' wholly owned subsidiary Barneys New York Inc ("Barneys") for $900 million and that the Jones Board of Directors has determined that the Fast offer constitutes a "Superior Transaction" under the terms of the Company's Stock Purchase Agreement with affiliates of Istithmar.

Pursuant to the terms of the Istithmar Agreement, Jones has transmitted to affiliates of Istithmar a written notice containing the material terms of the Fast offer and expressing the Company's intention to accept the Fast offer.

As a result, Jones will be entitled to terminate the Istithmar Agreement unless during the three business day period commencing on August 1, 2007, affiliates of Istithmar make an offer that the Company's Board of Directors determines in accordance with the Istithmar Agreement to be at least as favorable to the Company as the Fast offer.

In the event that Jones were to terminate the Istithmar Agreement in order to accept the Fast offer, Jones would be required to pay an affiliate of Istithmar a termination fee of $22.7 million.

Jones Apparel Group Inc

More Jones Apparel Group Inc News... More Fashion News - United States Of America...