By  on August 1, 2007

Jones Apparel Group, which on Wednesday posted a second-quarter loss, said its board of directors has deemed Japan-based Fast Retailing’s $900 million cash offer for Barneys New York to be superior to an earlier bid from Dubai-based Istithmar.

The apparel giant said Tuesday that it received the offer from Fast Retailing, which is not contingent on due diligence and can be closed on in an expedited manner. Jones said Wednesday that it has notified Istithmar of its intent to accept Fast Retailing’s bid, and that Istithmar has three days from Aug. 1 to match the Japanese retailer’s offer.

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