Uniqlo Barneys Buyout?
A cool $900 million has been offered for the infamous retail brand; surprised? Don’t be… the market assault began at the roots (in a manner of speaking) and is now moving towards the top of the pile.
Fast Retailing has the details:
On July 2, 2007, FAST RETAILING CO., LTD. (“FAST RETAILING”) submitted a proposal to acquire Barneys New York, Inc. (“Barneys”) for $900 million (approx 110 billion yen). Barneys is currently wholly-owned by the US-based apparel maker Jones Apparel Group, Inc. (“Jones”, NYSE:JNY). Jones’ Board of Directors has concluded that FAST RETAILING’s proposal is reasonably likely to lead to a superior offer for Barneys.