Thursday, August 9, 2007
Barney New York, the fashion icon owned by Jones Apparel Group, is a much desired company. Istithmar, a private equity firm that is an arm of the Dubai government, raised its bid to $942 million ($117 million more than its original offer) in response to the competing offer from Fast Retailing, a Japanese clothing conglomerate. Although Fast Retailing had until 5 p.m. today to raise its offer, it announced that the price was too high for it. NYTimes, Original Suitor Sweetens Its Barneys Offer to $942 Million; WSJ, Fast Retailing Pulls Out Of Bidding War for Barneys.