Jones to move forward on Barneys sale to dubai-based Istihmar
10 Aug '07
1 min read
Jones Apparel Group Inc announced that the period during which Fast Retailing Co Ltd (Fast Retailing) could make a new proposal to acquire the Company's wholly owned subsidiary Barneys New York Inc (Barneys) has expired and that Fast Retailing has not amended its offer. As such, Jones is moving forward with the sale of Barneys to affiliates of Istithmar PJSC (Istithmar).
On August 8, Jones amended its Stock Purchase Agreement (Istithmar Agreement) with affiliates of Istithmar to increase the purchase price under the Istithmar Agreement to $942.3 million in cash.
Under the terms of the Istithmar Agreement, Jones no longer may accept proposals to acquire Barneys or terminate the Istithmar Agreement for a superior proposal. Jones expects that the closing of the sale of Barneys to affiliates of Istithmar will occur in the third quarter of 2007.
Jones Apparel Group Inc, a Fortune 500 company, is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories.
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