Jones Apparel Group has a new, bigger bid for its Barneyâ€™s unit.
Jones Apparel Group Inc. (NYSE: JNY) said on Thursday that it had received an unsolicited non-binding $900 million cash offer from Japan-based Fast Retailing Co. Ltd.
The move comes two weeks after Jones announced an $825 million in cash agreement to sell Barneyâ€™s to an affiliate of Istithmar, a Dubai-owned investment firm.
Jones can enter into discussions under the Istithmar agreement. However terminating the deal would cost Jones $20.6 million, or $22.7 million after July 22.
Jones said the latest offer is subject to due diligence and other conditions.
Under the Istithmar agreement, Jones had expected to report a net gain of $290 million.
Jones owns other brands including Nine West, Jones New York and Easy Spirit.
Shares of Jones rose 17 cents, or 0.6 percent to reach $28.57 in afternoon trading on the New York Stock Exchange.