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. Last Updated: 07/27/2016

Dubai Makes $900M Bid for Barneys

DUBAI, United Arab Emirates -- Dubai-based private equity firm Istithmar raised its offer to acquire Barneys New York from Jones Apparel Group to $900 million Sunday, matching a bid by Japan's Fast Retailing.

Istithmar, owned by the government of Dubai, had agreed to buy the luxury retailer for $825 million before Fast Retailing entered the fray with a $900 million offer.

On Aug. 1, Jones gave Istithmar three days to sweeten its bid. "If this offer is not accepted, Istithmar is entitled to our breakup fee of $22.7 million," the Dubai-based agency said in a statement.

Istithmar could consider launching Barneys New York in markets such as China and the Middle East if it completes the deal, Istithmar CEO David Jackson said last month.

Jones agreed to buy Barneys in 2004 for $400 million, moving a company that supplied clothes and shoes to mall department and discount stores into the luxury retailing market.