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Jones, Istithmar Set $942.3M Price Tag for Barneys

Fast Retailing has until close of business on Thursday to submit final counteroffer.

Jones Apparel Group and Istithmar have inked a new $942.3 million cash deal for the Dubai-based firm’s purchase of Barneys New York.

The new agreement allows Fast Retailing Co. Ltd., Istithmar’s competitor for Barneys, to make one more offer for the upscale retailer. That offer has to be submitted by 5 p.m., Thursday. Should Jones accept a new offer from Fast, the U.S. apparel giant must pay Istithmar a termination fee of $34.7 million.

For complete coverage, see tomorrow’s issue of WWD.