Jones accepts Fast Retailing bid

NEW YORK Jones Apparel Group today announced that it has accepted Fast Retailing's offer to acquire Barneys New York for $900 million. According to the company, the Jones board of directors has determined that the Fast offer was superior to the offer it had originally agreed to with Isthithmar.

Pursuant to the terms of the Istithmar agreement, Jones has transmitted to affiliates of Istithmar a written notice containing the material terms of the Fast offer and expressing the company's intention to accept the Fast offer. As a result, Jones will be entitled to terminate the Istithmar agreement unless during the three business day period commencing on August 1, affiliates of Istithmar make an offer that the company's board of directors determines in accordance with the Istithmar agreement to be at least as favorable to the company as the Fast offer. In the event that Jones were to terminate the Istithmar agreement in order to accept the Fast offer, Jones would be required to pay an affiliate of Istithmar a termination fee of $22.7 million.