Billion-Dollar Bidding War Erupts Over Barneys |
| New York Sun - Jul 6, 2007 |
Less than a decade after Barneys New York emerged from bankruptcy, two overseas companies are competing with megamillion-dollar cash bids to purchase the storied purveyor of five-figure ball gowns and $300 blue jeans.
A Japanese clothing retailer, Fast Retailing Co., this week bid $900 million to acquire Barneys from Jones Apparel Group. The unsolicited offer came about two weeks after Barneys's parent company agreed to sell the luxury retailer for $825 million to a Dubai-based private equity firm, Istithmar. The acceptance of either bid ensures a windfall for Jones Apparel, which purchased Barneys for about $400 million in 2004.
"I think they were very lucky," a former chief executive of Barneys, Gene Pressman, said of the timing of Jones Apparel's acquisition of Barneys. "They fell into a very upbeat market, which has gone up considerably."
Read Full Article from New York Sun
- Posted: 2007-07-06 10:21:24
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