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Bid battle for Barney's heats up Bid battle for Barneys heats up
(about 2 hours later)
Dubai investment firm Istithmar has upped its bid for US department store chain Barney's New York. Dubai investment firm Istithmar has upped its bid for US department store chain Barneys New York.
The $900m (£443m) offer matches a rival bid tabled last week by Japanese firm Fast Retailing - owner of Uniqlo.The $900m (£443m) offer matches a rival bid tabled last week by Japanese firm Fast Retailing - owner of Uniqlo.
Barney's owner Jones Apparel accepted an $825m takeover offer from Istithmar, but also said it would pay a $22.7m break up fee if it later pulled out. Barneys owner Jones Apparel accepted an $825m takeover offer from Istithmar, but also said it would pay a $22.7m break up fee if it later pulled out.
But, on Wednesday Jones told Istithmar it would accept the Japanese offer unless the Dubai firm could match it.But, on Wednesday Jones told Istithmar it would accept the Japanese offer unless the Dubai firm could match it.
Following the news the Dubai firm said it had "revised its offer to acquire Barneys New York ... at a purchase price of $900m and under competitive terms in the share purchase agreement.Following the news the Dubai firm said it had "revised its offer to acquire Barneys New York ... at a purchase price of $900m and under competitive terms in the share purchase agreement.
"If this offer is not accepted Istithmar is entitled to our break-up fee of 22.7 million dollars."."If this offer is not accepted Istithmar is entitled to our break-up fee of 22.7 million dollars.".
If it wins the bidding battle, state-backed Istithmar has said it would consider launching the Barney's format in markets such as the Middle East and China. If it wins the bidding battle, state-backed Istithmar has said it would consider launching the Barneys format in markets such as the Middle East and China.
Barney's currently operates flagship stores in New York, Chicago, Boston Dallas and Beverley Hills as well as several regional "warehouse" shops and three outlets in Tokyo that operate as franchisees. Barneys currently operates flagship stores in New York, Chicago, Boston Dallas and Beverley Hills as well as several regional "warehouse" shops and three outlets in Tokyo that operate as franchisees.
But the Dubai group could face a tough fight with Fast Retailing for the US stores group.But the Dubai group could face a tough fight with Fast Retailing for the US stores group.
The Japanese firm is looking to overtake industry leaders such as Zara and Hennes & Mauritz to become world leader in the casual clothing market.The Japanese firm is looking to overtake industry leaders such as Zara and Hennes & Mauritz to become world leader in the casual clothing market.
To that end it has set out plans to expand geographically as well as to broaden its target audience.To that end it has set out plans to expand geographically as well as to broaden its target audience.