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Tokyo-based specialty retailer Fast Retailing Co. on Thursday made an unsolicited $900 million bid for Barneys New York to Jones Group, trumping a rival $825 million offer from Dubai-based equity fund Istithmar.
The bid represents a 9 percent premium over Istithmar’s. Fast Retailing said in a statement that it “had previously communicated its interest in acquiring Barneys to Jones last fall and is submitting its proposal under the provisions of the Jones agreement with Istithmar, which allows Jones to consider superior proposals for Barneys if received prior to July 22, 2007.”