Fast Retailing Co. Ltd. submitted a definitive proposal on Tuesday to acquire Barneys New York from Jones Apparel Group for $900 million in cash.
Japan-based Fast Retailing said its offer is conditioned on the execution of a mutually acceptable purchase agreement, and that is is not subject to financing and can be consummated on an expedited basis.
Jones, which is currently in discussions with Fast Retailing, disclosed on July 5 that that it had received an unsolicited non-binding proposal from Fast Retailing for $900 million in cash, which was subject to due diligence and other conditions.
Jones on June 22 said it had entered into a definitive agreement to sell Barneys to an affiliate of Istithmar, a Dubai based private equity and alternative investment house for $825.0 million in cash, subject to certain purchase price adjustments. That agreement remains in full force and effect.
If Jones were to end its agreement with Istithmar, it would be required to pay the Istithmar affiliate a termination fee of $22.7 million.
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