Dubai back in race for Barneys

Jones Apparel Group Inc. said yesterday it agreed to sell its Barneys New York chain to Istithmar for a sweetened price of $942.3 million after the Dubai-owned firm raised its offer in a bidding war with Japan's Fast Retailing Co. Ltd.

Fast Retailing had raised its bid to $950 million on Sunday leaving Istithmar three days to match the offer.

Under the terms of the amended purchase agreement, Fast Retailing, owner of the Uniqlo chain, has until 5:00 p.m. on Thursday to make another offer.

Under a June agreement with Istithmar, Jones Apparel can explore bids for the whole company until 11 August.

If Fast raised its bid and Jones accepted it, the apparel company would have to pay Istithmar a termination fee of $34.7 million.

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