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Fast Retailing raises offer for Barneys acquisition

06 Aug '07

2 min read

Jones Apparel Group Inc announced that following a number of discussions that the Company's advisors had on Friday, August 3, 2007 with advisors to the Fast Retailing Co Ltd and with advisors to Istithmar PJSC and its affiliates, Jones has received an amended offer from affiliates of Istithmar to acquire Jones' wholly owned subsidiary the Barneys New York Inc for $900 million in cash and an amended offer from Fast Retailing to acquire Barneys for $950 million in cash.

In accordance with the terms of the Company's Stock Purchase Agreement with affiliates of Istithmar, Jones has transmitted to affiliates of Istithmar a written notice containing the material terms of the amended Fast Retailing offer and expressing the Company's intention to accept the amended Fast Retailing offer.

Jones will be entitled to terminate the Istithmar Agreement unless during the two business day period commencing on August 6, 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 Jones as the amended Fast Retailing offer.

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

Jones Apparel Group Inc

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