Jones gets a higher offer for Barneys

TOKYO Fast Retailing, a Japanese-based apparel retailer is looking to buy Barneys New York from Jones Apparel Group, the company announced today. The company said it offered to buy Barneys for $900 million, outbidding the previous proposal Jones had agreed to recently. Istithmar, a Dubai-based private equity and alternative investment firm had offered to acquire Barneys for $825 million.

According to Fast Retailing, 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. The company said that Jones' board of directors has concluded that Fast Retailing's proposal is reasonably likely to lead to a superior offer for Barneys.