09 August 2007

front(lines): istithmar wins barneys battle

And we have a winner! This all reminds me of the ebay auction I lost the other day. My only satisfaction was that the winner had to pay $13.51 more.

From WWD:

Istithmar has won the bidding for Barneys New York following the decision Thursday by Fast Retailing Co. Ltd. of Japan to drop out.The Dubai-based Istithmar is paying Jones Apparel Group, Barneys' parent, $942.3 million in the all-cash deal. It inked the initial deal with Jones in June for $825 million, but then Fast stepped in and a bidding war ensued.

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