by David Bodamer July 5th, 2007
Fast Retailing Co. Ltd., a Japan-based firm that operates UNIQLO, has made an unsolicited offer to Jones Apparel Group for Barneys New York Inc. worth $900 million.
Previously, Jones had reached a deal with Istithmar worth $825 million. Yet another international bidder, Philip Green, had previously expressed interest.
Jones Apparel said the proposal from Fast Retailing is subject to due diligence and other conditions.
Jones said should it terminate its deal with Istithmar, it will be required to pay a break fee of 20.6 mln usd, which will rise to 22.7 mln usd after July 22.
‘The agreement with Istithmar has not been terminated and remains in full force and effect,’ Jones said.
Related Topics: Investment, News, Retail |
by David Bodamer July 5th, 2007
News & Observer has a follow-up on some malls attempts to block city buses from driving through their properties Raleigh, N.C.
Six years ago, the vast shopping center at Brier Creek got Raleigh’s approval on a condition from city planners: Allow bus access in the future.
Brier Creek’s developers agreed to “reasonable” access in writing, but the firm wrote back four years later saying bus stops were a poor fit. That leaves some workers and customers with a quarter-mile walk across the asphalt.
The apparent turnaround is getting new scrutiny as Raleigh works to get buses inside shopping centers that prohibit Capital Area Transit. In hindsight, officials wish they had used Brier Creek’s 2001 letter when the shopping center balked.
“Our staff obviously did not go and search that record,” City Manager Russell Allen said. “If they’d found that letter, that would have helped us a lot.”
For the previous story, go here.
Related Topics: Management & Leasing, News, Retail Real Estate |
