bidding-war-for-barneys-department-store

Bidding war for Barneys department store

Fast Retailing of Japan and Dubai investment vehicle Istithmar lock horns over upmarket US department store chain Barneys.
Barneys has become the target of a bidding war between Istithmar of Dubai and JapanÆs Fast Retailing.

On Monday, Fast Retailing upped its offer for Barneys to $950 million. This was in response to the latest bid of $900 million submitted by Istithmar one day earlier on Sunday. IstithmarÆs Sunday bid was up 9% from its original offer and matches the offer tabled by Fast Retailing on July 31.

Analysts say the speed with which Fast Retailing responded suggests that they may have kept leeway in their bid for a competitive situation. JPMorgan, advisors to Fast Retailing, had no comment.

Barneys New York is a wholly owned subsidiary of NYSE-listed Jones Apparel Group...
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