Japanese retailer fast retailing bids for barneys new york By cotten timberlake,
bloomberg news Jones apparel group(Jny)Has received an unsolicited $900 million
offer for its barneys new york chain from japanbased fast retailing, topping an
earlier bid from istithmar, owned by christian louboutin pas cher
femme the dubai government, by 9.1%. Jones, maker of jones new york
clothing and nine west shoes, said on thursday that it will discuss the offer
with fast retailing, asia's largest apparel retailer.A june 22 deal to sell
barneys for $825 million to istithmar permits rival bids but includes a $20.6
million breakup fee. Selling barneys for triple the $294.3 million it paid in
2004 would let Jones buy back shares that are off 22% since the end of
2004.Offerings.Founded in 1963, it has 1, 800 stores in 12 countries The jones
board said fast retailing's bid louboutinchaussures
is"Reasonably likely to lead to a superior offer for barneys,"Fast retailing
said in a statement.It said it needs no financing. Shares of jones, based in
bristol, pa., climbed 20 cents to close at $28.60.Fast retailing fell 40 yen to
8, 490 yen in tokyo. Istithmar said in an emailed statement that its valuation
of barneys was"Full and fair"And that it is committed to completing the louboutinchaussures deal.
Jones ceo peter boneparth failed to sell the whole company last year after it
spent almost $900 million to buy brands, including barneys new york and maxwell
shoe. Barneys bottes
christian louboutin soldes new york has seven stores that sell marc
jacobs clothes and christian louboutin shoes.It also runs 14 coop stores aimed
at younger shoppers, and 13 outlets.Sales at stores open at least a year surged
10% in the first quarter.
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